Music streaming services forecast to drive digital sales growth
Not for the first time, we've heard how increasing demand for music streaming services is having a positive impact on the digital music sector – and the latest research shows just how vital the role of such services will be in the next five years.
Digital Music: Streaming, Download & Legacy Services 2014–2019 is the new report compiled by Juniper Research, which has found that the "robust streamed music sector" will continue to push industry growth – despite declines in other areas.
The sector as a whole is expected to witness slow growth between now and 2019 – from $12.3bn (£7.4bn) this year to $13.9bn (£8.4bn) in 2019 – due to falling revenue in markets including ringtones and ringback tones among others.
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Juniper has predicted that smartphones and tablets will have a significant role to play in supporting growth during the period, although digital music revenues via PCs and laptops should hold up; emerging markets will also be an important factor.
The challenges for streaming services that might lie ahead, however, include ways of growing subscriber bases and making it easier to discover new music, despite "highly sociable" features such as social media integration.
Last year saw a 33.7 per cent rise in music streaming revenues, which now represents nearly 10 per cent of all consumer revenues for recorded music. Meanwhile, subscription revenues have increased to £103m – a sign of the sector's strength.
But with plenty of music streaming services out there to choose from nowadays, selecting the right one for you can seem like a daunting task. Fear not, however, as we've put together a comprehensive guide that'll uncover the right one for you.
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