Published on : Jun 02, 2017
Albany, New York, June 2, 2017: A new study has found that the U.K. obsession with music is not only helping to drive the speedy uptake of consumer technology, it is also generating huge surplus demand for the latest smartphones and tablets. Nowadays, subscription streaming expected to drive the music industry in U.K. Market Research Hub (MRH) has freshly added a report titled “Music and Other Audio - CDs, Streaming, Downloads & Podcasts - U.K. - May 2017” to its vast repository that examines the music industry along with market size & forecasts market growth by the end of 2021. For better understanding, the report analyzes U.K. music industry income from physical formats, digital sales and streaming services.
As per the findings, a continuing surge in digital demand pushed audio streaming up by 68% in 2016. Consumers in U.K. spend on average nearly a quarter more per head on music and this higher U.K. demand for music and other audio trends including CDs, streaming, downloads and podcasts gives huge additional boost to market growth. Of these, music streaming is on the rise in 2015. The U.K. fans played 26.8bn songs on audio-streaming services alone, with other 26.9bn streams of music videos on services like YouTube. A section covering the key players describes that YouTube is the most widely used source of streamed music in U.K. Also, Amazon launches its on-demand music streaming service, Amazon Unlimited Music, in the U.K. Spotify creates more varied personalized playlists for the users, thus, remains the most popular paid-for service.
Major market drivers analyzed in the study include:
- Continued growth in mobile device ownership.
- Smart speakers create new opportunities for streaming service differentiation.
- YouTube battle highlights continued controversy over artist pay
Furthermore, it has also been analyzed that price is still a key factor influencing choice of paid-for streaming service. Apart from that, another factor that has the most influence on which subscription streaming service people choose is sound quality. Sound quality offers a clear way for streaming services to form a premium tier option that capitalizes on more invested music listeners. Also, improved data and broadband speeds, as well as developments in terms of smartphones, should further broaden the appeal of hi-res streaming tiers.
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The market has been segmented on the basis of physical album sales, digital album sales and volume of U.K. audio music streams. As per the findings, having a physical music collection is important to many and parents of under 18s are more likely to buy physical media as gifts. Also, many podcast listeners are willing to pay for content. The music market in the U.K., therefore, creates a significant 'multiplier' effect that gives a massive boost to the consumer technology sector in this country as well as to the wider economy.
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