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music streaming
Music streaming is a trend that’s booming — Really?
Looking at the trends in music, you’ll notice that the industry is divided. Many companies are still holding onto old solutions of getting media to the masses. This includes terrestrial radio stations, top 40, and physical compact discs, singles, and more. While there are still those that purchase music in this manner, a growing sector the population is no longer purchasing anything outright. They are instead streaming. In order for the music business to continue to make money, one must focus on the metrics that music streaming is showcasing. If artists and labels do not use music streaming, they are going to miss out on quite a bit.
Highlighting Growth Cycles
Before breaking down some highlights of music streaming, consider old models of streaming and current music delivery. The market of music streaming is divided between subscription based providers, and individual contributing websites. For instance, internet radio, video streams, and podcasts are outside of the scope of streaming. Inside the cope of music streaming are the subscription based, ad supported avenues that support artists and labels with royalties.
If you’re going to reach the most users today, you’ll need to consider streaming music, especially when you start to recognize the numbers worldwide.
Music streaming revenue
Right now the revenue made from in-scope models such as ad supported, subscription services, and other methods within that banner is upwards of $5,7m in 2017. The growth expected on this type of delivery system is upwards of 14% and will no doubt reach more than double by 2021. That includes a penetration rate of 25% now and upwards of 31% in 2021.
As you break down the numbers, you’ll see that the old methods of market penetration are not getting the same kind of numbers. Even internet radio, video streams, and other options aren’t getting the same kind of influence. While the market can shift, you’ll find that within the demographics, ages 25 – 34 influence upwards of $395 million in revenue.
What’s next?
Looking at just this small data analysis, you’ll find that the outlook for streaming and digital means will only grow in time. Between 2015 and 2021 expect strategic growth across revenue, market penetration and much more.
Digital music streaming: How big is the streaming market, really?
Narrowing down the reach of music today can be tough. When you consider a worldwide audience, you are doing a disservice to artists and musicians. The problem found with wanting a truly “global” reach is that not all of the world is consuming digital, streaming music. Yes, a great deal is, and there’s a large growth percentage shown since the introduction of high speed internet to homes, but not a complete covering. In fact, if you look at the numbers, you’ll find that only a handful of countries make up the top of digital music consumers.
The Reach of Digital Music
At first glance, the numbers may seem to indicate that there’s not a lot of people streaming. That’s not the case. In fact, millions of people are streaming daily, but in regards to their global impact, you’ll have to narrow down the field a bit in terms of market penetration.
For instance, the top countries streaming digital media include the United States, the United Kingdom, Germany, Japan, and China. These are the largest, but by no means are they the only areas. They have the most global revenue, but South American nations like Argentina, and Brazil, alongside Central America, Canada, and Western Europe may grow in the coming years as projects show interest in these areas.
Even though there are several regions that are growing in interest of digital streams, it should be noted that the market volume of the United States revenue is around $4,201 million in 2016 alone.
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Forward Progress
The United States leads the pack in regards to digital music streaming and consumption. As more countries start to learn about the possibilities, and different companies influence streaming methods, the numbers will no doubt rise globally. At present, however, aside from The United States, the top 4 countries are seeing revenues less than $1,000 million in 2016.
Even if that number is low, it’s set to rise around 14% in the coming years, and upwards of 30% in the long term. These numbers may shift slower, depending on several market factors, but it should be considered as part of the bigger data picture.