Tuesday, July 5, 2022

Spotify, Apple music, other streaming platforms to generate  $26.61 billion in 2022: Report 

The revenue growth forecast is a 13.83 per cent rise above the $23.29 billion revenue generated in 2021.

• June 23, 2022

A new report by StockApps has projected that music streaming platforms including Spotify, Apple Music among others will generate up to $26.61 billion in 2022.

This is happening at a time when music fans all over the world are turning to music streaming services for latest songs and album releases.

StockApps attributed the surge in its report released on Thursday, to the fact that streaming services were now the most popular way to listen to music.

The revenue growth forecast is a 13.83 per cent rise above the $23.29 billion revenue generated in 2021.

” …the music streaming industry is expected to earn $26.61 billion this year. In 2021, the annual revenue stood at $23.29. Thus, the yearly revenue is set to grow by 13.83% year-on-year,” the report partly read.

StockApp further revealed that the revenue generated by the streaming industry will further increase to  $36.34 billion in 2026.

The report said that the penetration rate of music streaming is estimated to be only 9.4 per cent in 2022 and is expected to grow to 12.2 per cent in 2026.

About $10.59 billion was made by the music streaming sector in 2017.

The forecasted revenue for 2026 will be a 243 per cent increase from the $10.59 billion generated in 2017.

The report further projects that the music streaming market would more than triple in size during the next ten years.

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Prime Minister Abiy Ahmed and Oromo Liberation Army (OLA)

Africa

Ethiopia, rebel group trade blame over Oromiya massacre

The government blames the Oromo Liberation Army (OLA), a banned splinter group of an opposition party, for the killings.

National Youth Service Corps (NYSC)

NationWide

NYSC partners financial institutions on start-up loans for corpers

The partnership is expected to favour corpers interested in running their own business.

Simi Ogunleye

Showbiz

Simi named Spotify EQUAL Africa artiste for July

Nigerian singer and songwriter Simi Ogunleye, popularly known as Simi, has been selected as Spotify EQUAL Africa music programme ambassador for July.

Bandits

States

Bandits kidnap naval officer in Kogi, demand N3 million ransom

“I’m appealing to security operatives to please help rescue my husband from the hands of his abductors,’’ the naval officer’s wife begged.”

cassava and starch

Economy

95% of starch used in Nigeria imported despite being largest cassava producer: FG

“We are also the largest producer of cassava in the world,” he said. “Yes, currently, we import over 95 per cent of the starch we use.”

Mercedes Benz C300

Anti-Corruption

Yahoo-Yahoo fraudster forfeits Benz car, iPhone to FG

Delivering judgment, Justice Hannatu Balogun sentenced Mr Emmanuel to one-year imprisonment with an option of N300,000 fine.