There’s no denying it – music has gone digital in Denmark. According to recent market data, digital accounted for 82% of total music revenues in the country during the first half of 2014. The key driver of this huge share is streaming services. The format accounted for 63% of music company revenues from recorded music in Denmark.
The music industry continues to be plagued with difficulties, particularly as far as recorded music is concerned. Juniper Research found that the digital music industry will experience slow growth in revenue over the next 5 years, growing from $12.3 billion this year to $13.9 billion in 2019.
Access to new music, anytime, anywhere is boosting the popularity of streaming entertainment services and driving overall growth in the global music on demand market, according to TechNavio.
The music subscription services market is growing at a CAGR of 20.64 percent from 2013-2018.
PwC forecasts that global Entertainment & Media spending is expected to rise from $1.8 trillion in 2013 to $2.3 trillion by 2018, growing at a compound annual growth rate (CAGR) of 5 percent. The U.S. remains the largest E&M market, growing at a 4.8 percent CAGR and reaching $724 billion by 2018, from $573 billion in 2013.
Globally, digital E&M spending will grow at a 12.2 percent CAGR between 2013 and 2018 and account for 65 percent of global entertainment and media spending growth by 2018.
Pandora has a happy and loyal base of 75 million active online users, 80% of whom access the service from their mobile phone. According to Generator Research, Pandora only needs 3 million users signed up to their mobile service (5% of its user base) to bring in more than $500 million annually, which is twice the company’s current revenues.
With $440 million in the bank and positive market sentiment in its favor, this is a time for Pandora to be bold in finding a way out of the red and into the black.
Forty-four percent of online radio listeners say their online listening comes mostly at the expense of their FM/AM listening. Seventy-five percent of people age 12 to 24 listen to online radio monthly, and almost two-thirds of them listen weekly.
Pandora has more than three times the audience of all radio stations owned by Clear Channel, CBS, Cumulus, Entercom and the next six broadcasting companies combined.
Introducing the first annual SXSW Music Hackathon Championship — presented by AT&T U-verse with GigaPower — where world-class hackers and designers will have 24 hours to create new tech innovations in the music space for artists, industry, and fans.
The SXSW Music Hackathon is FREE and open to the public (with approved RSVP), and will take place over a 24-hour period.
via SXSW 2014