Audio streaming subscriptions on the upswing

More audio streaming subscription services as the popularity of smartphones and tablets continues, and Internet services become even more common. An increase in online ad spending. These are the trends that Technavio, a tech-focused research firm sees for the global music streaming service market, which it expects to grow at a CAGR of 12.57% from 2014 to 2019.

Source: Technavio.

“Major music recording firms such as Universal Music Group, Warner Music Group and Sony Music Entertainment have adopted corporate strategies such as M&A, strategic alliances and partnerships in order to revitalise their market presence,” says Faisal Ghaus, Vice President of Technavio.

“In August 2014, Apple acquired the music streaming service from Beats Music. An upsurge in market consolidation is increasing the presence and reach of the market.

“Increased integration of streaming applications with social media platforms such as Facebook has increased music subscriptions significantly. Therefore, an increase in subscription services is expected to drive the market growth in the coming years."

Key vendors in this space include Apple, Deezer, iHeart Media, Pandora Media, Rdio, Spotify and Google, Technavio said.

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