More and more people are shifting to streaming music services, which saw a 40% hike in revenue for industry leader Pandora in the fiscal year ending in January 2015. Competition is tough, including offerings from Amazon.
As of 2015, a number of services offered ad-supported, free streaming music services including Spotify, Pandora, Amazon Prime Music, YouTube (in the form of music videos) and Beats Music. Most also offer premium subscription access priced between $4.99 and $9.99 per month that is ad free. Pandora soared from $14 million in revenues for the year ending in January 2008 to $920.8 million for its fiscal year ended in January 2015. Pandora has 81.5 million active users.
Competitor Spotify is a web-based subscription music service offering streaming music to registered users in Sweden, Norway, Finland, the Netherlands, the U.K., France, Spain and the U.S., with 45 million free listeners, and more than 15 million paying subscribers by the beginning of 2015. Spotify has one of the largest music libraries in the world, at 20 million songs.
For more data and statistics on the Entertainment & Media industry, see http://www.plunkettresearch.com/industries/entertainment-media-publishing-market-research/
Plunkett's Entertainment & Media Industry Almanac 2015 Edition
Print ISBN: 978-1-62831-351-2
eBook ISBN: 978-1-62831-685-8
Publication Date: February 2015