Yesterday's launch of Apple Music will surely accelerate mainstream adoption of streaming music. But how quickly will it happen and what does it mean in terms of revenue for artists and the music industry?
MarketResearch.com has just released a report which forecasts the U.S. music streaming market to grow at a compounded annual growth rate (CAGR) of 20.5% between 2014-2019, driving market value to $2,780.1 million by the end of 2019.
With last week's publicity on Taylor Swift and Apple, it's no surprise that online music streaming gained more attention. According to a report by publisher TechNavio, global music streaming by key vendors such as Apple, Deezer, iHeart Media, Spotify, Pandora, and more is expected to grow globally at a CAGR of 12.57% over the period of 2014-2019.
The U.S. has an anticipated CAGR of 20.5% for the period of 2014-2019.
For 2014, the subscription services segment of online music streaming reached revenues of $799.0 million, equivalent to 73% of the market's overall value. - Celebrity Access