Entertainment
Music Streaming Revenue To Hit $23 Billion In 2021 – Report
Like many other sectors, the music industry has been significantly affected by covid 19 pandemic with the massive cancellations of live events and huge ticket sales revenue drops amid the lockdown with earning from live music events shrunk to the lowest level in the industry, artistes increasingly rely on income from streaming platforms.
According to data presented by Buyshares. co.nz, music streaming revenues are expected to hit $23 billion in 2021, a 50 percent increase compared to precovid 19 figures. Even before the pandemic, the music streaming industry witnessed impressive growth with revenues rising by a CARG of 20 percent year-over-year. Statistical survey showed that in 2017 the unified market was worth $10.5 billion, in the next two years this figure jumped to $15.2 billion. However, last year music streaming platforms witnessed the biggest annual revenue growth as covid 19 halted live events. Statistic show that revenues surged by almost 30 percent year-over-year and hit $19.7 billion in 2020.
The statistical survey showed the number of people using music streaming platforms also surged amid the pandemic and jumped from 425.6 million in 2019 to 626.2 million in 2021, more than 900 million people worldwide are expected to use music streaming service in the next four years.
As the world’s largest music streaming market, the united states of America is expected to reach 100.7 million users and $8.7 billion in revenue in 2021, a 16.6 percent increase in a year.
The Chinese market, the largest market globally is forecast to grow by 20 percent yoy and hit 2.2 billion value this year, almost four times less than the leading US. Nevertheless, with 177.7 million users in 2021, the country has the largest number of people using music streaming service globally.
According to Hootsuites Digital 2021 report, more than 81 percent of surveyed internet users in China reported listening to music streaming service last year, the united kingdom (UK) ranked as the third largest music streaming market with $1.4 billion in revenue this year.
As the biggest music streaming service globally, Spotify (NYSE SPOT) hits 34.5 million monthly active users and 155 million premium subscribers in December 2020 a 25 percent jump in a year.
While Apple (APPL:NASDAQ) hasn’t publicly commented on its subscriber count since reaching 600 million in June 2019, estimates from MIDIA Research put Apple music subscribers at 72 million in 2020 or half the Spotify count.
By: Jacob Obinna
R&B star, Temilade Openiyi, popularly known as Tems, has recounted the early-career challenges she faced, revealing that she was once booed out of the stage while performing at a school event.
Speaking in an interview with Newsmen, the Crazy Tings crooner shared that she wasn’t only booed but was also harassed with plastic bottles.
“I remember one time I was going to perform at my school as an up-and-coming singer and I thought I was going to receiving a standing ovation.
“But I got booed. They even threw plastic bottles at me,” she recalled.
Tems explained that despite the embarrassing incident and other such rejections, she remained determined to pursue a career in music.
The Tide Entertainment reports that Tems admitted that some of the initial rejections she faced could be due to her conviction to stick to her originality instead of doing covers or familiar sounds like most of her peers.
The Grammy-winning singer said looking back now, she is glad that she didn’t compromise her style despite the initial pressures.
A close associate of late singer Mohbad, Primeboy, has appealed for the artiste’s burial nearly three years after his death.
According to him, Mohbad’s body remains in the mortuary since September 12, 2023, pending burial arrangements.
The Tide Entertainment reports that in a statement Primeboy urged the family, public, and government to permit the burial, stating, “It’s been almost three years since Mohbad left us. His body is still in the mortuary. I’m begging the family, I’m begging the public, I’m begging the government, please let’s bury our brother. He deserves a befitting burial.”
It would be recalled that Mohbad’s death sparked public outrage, protests, and investigations. Ongoing autopsy examinations, police inquiries, and legal proceedings have delayed burial arrangements amid family disagreements and public scrutiny.
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