Juniper Research Report Sees Slow Growth in Online Music Market
While each day seems to bring a new announcement about the online music space, a report from Juniper Research sees slow growth ahead. According to "Digital Music: Streaming, Download & Legacy Services 2014-2019" online music will grow from a $12.3 billion industry this year to a $13.9 billion industry in 2019.
Online music will see growth in streaming music services, but that will be offset by declines in ringtone and ringback sales. In the coming years, consumers will move to cloud-based services. Established players, such as Spotify and Pandora, will have to fight off competition from personalized music services created by big names like Apple and Google.
The online music industry has several challenges to overcome, the report says. While music streaming will become more social, increasing the ease of music discovery and growing subscribers will remain difficult. Piracy will also remain a challenge and a source for considerable revenue losses. In China and other emerging markets only a small amount of music is streamed or downloaded legally. There are bright spots, though, such as Singapore, which recently passed a bill blocking piracy websites.
The full research report, which looks at 8 key regions around the world, is available for $2092. The price includes a 30 minute talk with an analyst.
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