Music streaming will drive digital music growth but not offset the fall in sales of formats such as CDs or downloads in 2016, a new report has claimed.
According to Ovum’s latest 2016 Trends to Watch: Music, intense competition in the music streaming sector will also result in more service 'casualties' while debate over the value offered by streaming to music creators will continue to make news headlines.
Ovum’s latest forecasts show that global retail sales of recorded music will edge down by 0.2 percent in 2016.
Simon Dyson, Ovum’s head of music practice, said: ‘The recorded music sector of yesterday is quite simply that, a bygone era that is being swept away by shiny new industry players.
‘Music retailers will never sell as many CDs or downloads as they did last year and so services along the music value chain that want to be part of this rapid evolution in recorded music must simply embrace the change and make access work for their business.’
The report said that, despite the fact that spending on music subscriptions is on the up, there will be no growth in overall consumer spending on recorded music in 2016.
Ovum’s report also suggested that emerging markets such as China and India will also start to take to music streaming.
Visit the Ovum website for more information on the report’s findings.
According to Ovum’s latest 2016 Trends to Watch: Music, intense competition in the music streaming sector will also result in more service 'casualties' while debate over the value offered by streaming to music creators will continue to make news headlines.
Ovum’s latest forecasts show that global retail sales of recorded music will edge down by 0.2 percent in 2016.
Simon Dyson, Ovum’s head of music practice, said: ‘The recorded music sector of yesterday is quite simply that, a bygone era that is being swept away by shiny new industry players.
‘Music retailers will never sell as many CDs or downloads as they did last year and so services along the music value chain that want to be part of this rapid evolution in recorded music must simply embrace the change and make access work for their business.’
The report said that, despite the fact that spending on music subscriptions is on the up, there will be no growth in overall consumer spending on recorded music in 2016.
Ovum’s report also suggested that emerging markets such as China and India will also start to take to music streaming.
Visit the Ovum website for more information on the report’s findings.
