Audio streaming is on everyone’s lips
Music consumption is primarily taking place online. Thanks to rising smartphone adoption and the sprawl of streaming services in most parts of the world, music fans no longer have to purchase physical copies but always have the latest hits at their disposal. Data showed that the number of music streaming subscribers recently surpassed 500 million, while music streaming revenues skyrocketed from 600 million to over 17 billion U.S. dollars in the past decade. Not only that, but streaming has also become the number one revenue stream of the music industry, outperforming physical sales and digital downloads alike. So which platforms are topping the global streaming charts? As of 2022, Spotify was the top music streaming service based on audience share, followed by Apple Music. Both providers also host an extensive selection of podcasts, an audio format that is gaining global momentum. According to the latest reports, the number of podcast listeners is set to surpass 500 million by 2024, up from 384 million in 2021.Online video streaming is the lead act
Long gone are the days when you had to follow fixed TV broadcasting or cinema screening schedules. Today, millions of people can catch up on their favorite television programs or watch the latest Hollywood blockbuster from the comfort of their homes and around the clock. Forecasts suggest that all OTT TV and video formats will experience an increase in user counts and revenue figures over the next few years, with subscription video-on-demand (SVOD) revenues seeing the most rapid growth. By 2026, almost half of the world’s population is expected to use at least one OTT video service, highlighting the massive impact that non-linear video streaming has had and will continue to have on the global media and entertainment business. One of the early trailblazers of this trend is Netflix, which remains the leading SVOD provider worldwide despite a recent dip in paid subscribers. Other popular services include Prime Video and Disney+, the latter of which has been growing its user base at an impressive speed.
