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APPLE LAUNCH MUSIC STREAMING SERVICE - WITH STREAMING SUBSCRIPTIONS SET TO ACCOUNT FOR A THIRD OF GLOBAL MUSIC SPEND
30 Jun 2015 - According to Futuresource Consulting, the launch of Apple Music will lead to a significant increase in streaming music subscriptions. Futuresource Consulting predicts subscriptions will reach at least one third of total global consumer music spend by 2016.
Futuresource's lead entertainment analyst David Sidebottom referred to the latest music tracker service commenting that, "global consumer spend on music streaming subscriptions reached $3 billion in 2014, which equates to 16% of total music market spend.
Futuresource's wide reaching consumer research programme 'Living with Digital' highlights trends which reenforce this position by highlighting significant growth in the sales of audio hardware. Around 40% of tablet and smartphone users playout music from those devices to other audio hardware, such as wireless speakers.
"The launch of Apple music is another part of the audio renaissance we are currently witnessing," continued Sidebottom. "It is unprecedented, making its success difficult to predict, however the service could potentially hit tens of millions of users almost instantly, and many users will likely be drawn by the three-month free trial period."
The Living with Digital report also demonstrates a wide variety of tastes and preferences across different regions. 45% of UK streaming subscribers cite being able to listen to tracks offline as a reason to subscribe, compared to only 21% in France. In the USA and UK, 45% would subscribe to discover new music, compared to just 26% in Germany. In the USA, 90% of 16-25 year old smartphone users use their smartphones to listen to music.
The importance of streaming music services will be discussed as part of Futuresource's Audio Renaissance Conference, to be held in London on 20th October 2015. The event will include market and insight presentations from the Futuresource team, as well as a series of key notes and panel discussions from leading companies in the audio hardware, content, broadcast, service provider, and technology sectors.
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Futuresource Consulting is a specialist research and knowledge-based consulting company, providing organisations with insight into consumer electronics, digital imaging, entertainment media, broadcast, storage media, education technology and IT. With a heritage stretching back to the 1980s, the company delivers in-depth analysis and forecasts on a global scale, advising on strategic positioning, market trends, competitive forces and technological developments. www.futuresource-consulting.com
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