“R.itemList.length” “- this.config.text.ariaShown
“This.config.text.ariaFermé”
American music enthusiasts have amassed an unprecedented trillion of broadcasts in 2019, attracting $28.2 million a day to the U.S. music industry. However, it is still not enough for the industry to return to its glory days in the ERA CD.
The Digital Music Association (DiMA), an advertising framework whose members come with Amazon, Apple, Pandora, Spotify and YouTube, released a highly positive annual report Thursday that predicts continued strong expansion in the U.S. music market, despite COVID. 19 derailment. entertainment sectors by 2020. The 43-page report, prepared through Midia Research based on corporate knowledge surveys of customers and members, indicates that virtual music subscriptions, technological inventions and diversified offerings of audio products are driving this expansion, and predicts that music revenue in the United States will still break its record of $14.6 billion through 2025 (in 2019 , the revenue from the parent was $11 billion, of which about 80% came here by transmission).
“If we compare the place in the U.S. market with the adult trajectories of other places on the market, we deserve to have noticed a slower expansion faster than it is,” Stone Mark Mulligan, Midia’s lead executive, told Rolling Stone. “The U.S. It is a complex streaming market and expansion is slowing down. Penetration is starting to feel. The competitive landscape is very well defined. But there is that significant amount of momentum.”
This momentum is due to new products that pique the interest of music enthusiasts and, of course, the marketing dollars of the virtual service providers themselves. Mulligan adds that Midia has modified its overall forecasts after COVID, however, his team’s long-term outlook for the U.S. remains “remarkably similar to what it was before COVID” due to a stronger-than-expected expansion in 2019 and exclusive resilience. virtual transmission to broader economic trends. Music streaming has not been as affected by the pandemic as major labels, which are exposed to declines in physical retail, public royalties, and film and television timing agreements, for example.
“What we continue to see from our member corporations is constant innovation and experimentation, even in their own service offerings, around what enthusiasts and consumers can access,” says Garrett Levin, CEO of DiMA.
The report identifies podcasts, car boards, high-definition music, knowledge boards, editorial content, and smart speakers as spaces for long-term growth. Smart speakers are a specific point of curiosity: the amount of Amazon Echos, Apple HomePod, Google Homes, and devices in U.S. homes. It has quadrupled in the last two years, from 19 million in 2017 to 71 million in 2019. Studies by DiMA and Midia also show that in the last quarter of 2020, when most of the country’s citizens were locked in their homes, 43% of wise listeners pumped music for more than six hours a week, compared to only 29% of American listeners overall.
“Smart speakers expand the addressable global market,” mulligan says. “The addressable transmission market was once the number of other people with a phone with a knowledge plan. But now it can be sold to older people. Fifty years you never started downloading and you probably still have CDs in space don’t think about taking your smartphone and listening to music on it, but you’re thinking about listening to music at home.”
The five tech giants that make up DiMA are also releasing new supplies to the dozen in those days, giving enthusiasts and artists more than just music. When asked how DiMA will stick to new products, such as analytics panels and clustered audiovisual subscriptions, Levin said the organization “will definitely have to think about the type of registered knowledge of the services” later if the provision of companies’ audio products continues to diversify, but the report does not yet come with adjustments to its parameters or methodology.
Learn more about Rolling Stone
Who loses big in the streaming war? The user
Spotify just fladed Universal Music’s for its ‘bilateral market’
What kind of year will it be for the record-breaking company? Forecasts get worse, they don’t get better
See where your favorite artists and songs are located on Rolling Stone charts.
Subscribe to the Rolling Stone newsletter. For the latest news, we on Facebook, Twitter and Instagram.