Spotify, Apple and Amazon Music have revived the fortunes of the music industry, but fans aren't getting enough choice, a new report claims.
Appealing to older music fans and offering"super-premium" features could double the value of the market, from £829m this year to £1.6bn in 2023."There's a major prize at stake," said Pedro Sanches, of consultancy firm OC&C, who conducted the study. The report identified several new avenues, including premium subscriptions that offer access to exclusive content and merchandise; and expanding popular family and student plans to other demographics.
A total of 91 billion songs were played on Spotify, Apple Music and their competitors last year - the equivalent of 1,300 songs per person in the UK - and streaming now accounts for nearly two thirds of all music consumption in the UK."Streaming has been the biggest news in the industry for the last 10 years," the organisation's CEO, Kim Bayley, told the BBC.