New Report Finds Radio Still The Top Music Listening Platform, YouTube Tops Among Millennials, Spotify Leads Streamers
July 8, 2016 at 5:24 AM (PT)
A new report from COWEN & CO. finds SPOTIFY now leads the on-demand music business. INVESTORS.COM reports, "it is increasingly facing challenges from a host of competitors, including AMAZON.COM, APPLE, PANDORA MEDIA and ALPHABET-owned YOUTUBE," noting that "After a decade of decline, the U.S. music industry is expected to see a compound annual growth rate of 4% from 2016 through 2021, led by rising adoption of streaming services."
There's more good news in the report for the music industry, as COWEN & CO. projects revenue from on-demand music services will double by 2021 and will rise from 18% of industry revenue this year to 40% by 2021. "U.S. music sales are predicted to rise nearly 25% from about $7 billion this year to $8.7 billion in 2021. On-demand streaming music is seen more than doubling, from $1.7 billion in 2016 to $3.5 billion in 2021," COWEN & CO. said.
INVESTORS.COM found that, "COWEN's MAY survey found that terrestrial radio is the top music listening platform. Some 74% of respondents listen to terrestrial radio, followed by YOUTUBE (59%), PANDORA ad-supported music (37%), SIRIUSXM (22%) and SPOTIFY ad-supported music (19%). While YOUTUBE trails terrestrial radio among all respondents, YOUTUBE is the leading source of music for millennials, COWEN said."