Music streaming sees growth slowdown, says report
SUBSCRIBE
JOBS
Custom Image
Go Back
4 months ago 01:30:34pm Television

Music streaming sees growth slowdown, says report

New Delhi, 06-August-2024, By IBW Team

Music streaming

Universal Music Group (UMG), the world’s largest music label, has acknowledged a slowdown in subscriber growth for music streaming services like Apple Music, Times of India said quoting a Bloomberg report.

UMG‘s Chief Financial Officer Boyd Muir noted disappointing revenue from streaming services, attributing the decline to large platforms like Apple and Amazon struggling to drive global adoption. This slowdown has led to a 30 percent drop in UMG’s shares.

Despite the setback, UMG believes this is temporary and expects a recovery in the coming months. To counteract the trend, music companies are implementing cost-cutting measures, including layoffs and restructuring. New pricing tiers for streaming services are also anticipated to help sustain growth.

Apple Music, which hasn’t updated its subscriber numbers since 2019, is not alone in this trend. Spotify and Amazon Music are also seeing a flattening of their growth curves. The industry is exploring new revenue streams and strategies to navigate this challenging period.


Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts

Our Events

  • img
    SatCab Symposium

    SatCab symposium organized by Aavishkar Media Group is an annual event. It's a well-informed event where we have a panel discussion on the current affairs and future forecasting on our industry.

  • img
    BCS
    Ratna Awards

    BCS Ratna Award organized by Aavishkar Media Group is an annual event. In this award function, a community of our industry is honored by receiving the award for the contribution of their work.

  • img
    Chetna Yatra

    Chetna Yatra organized by Aavishkar Media Group is an annual event. Held by Dr. AK Rastogi, Chairman of Aavishkar Media Group. Pilgrimage India in his car for connecting the people of our industry.

  • img
    Imaan India Sammaan

    Imaan India Samman is an event mobilized by Aavishkar Media Group, which was launched in 2012. Giving the award to the NGOs for giving their contribution to society.

Youtube Videos