Last month, the Financial Times reported that streaming services are the biggest money makers in the music industry. According to the article, " US revenues from streaming providers such as Spotify, Apple Music and Pandora grew 29 per cent in 2015 to $2.41bn, accounting for 34.3 per cent of total industry revenues. It was the first time total streaming revenues passed $2bn as every segment of the market grew."
That's a pretty steep number, and its relevance to the CI market cannot be overestimated.
Russound has long maintained relationships with the leading streaming services, and we are continuing to forge relationships with the companies that are most in-demand, and, just as important, anxious to work closely with market leaders like Russound who appreciate the role their services play in the design of our products.
Your customers' listening habits have evolved from stationary sources such as CD players to the current trend in streaming music rather than owning it. As millennials continue to gain traction in the workplace and invest in whole-house entertainment systems that complement their lifestyles, they want to know that their favorite online sources will be readily available without having to do more than push a button, virtual or tactile.
The question we continually re-visit with our industry partners is how best to communicate the value of these services to customers who may not be aware of just how easy it is to enjoy these services via a multi-room audio system. On the product side, we feature the leading choices in some of our most popular models, and you can expect us to expand the selection in the near and distant future.
As a CI pro, how do you see streaming services' market growth? Is it a long-term trend or stepping stone to something new? Please chime in with your thoughts. We will include a few of your comments in the next issue!