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
Popular businessman and socialite, Pascal Okechukwu, aka Cubana Chief Priest, has said that his relationship with singer Davido is beyond money and gossip.
He stated this in a recent interview with BBC Igbo.
“Davido is my friend. He is my in-law; he married Chioma who is from Imo State where I hail from.
“So the relationship I have with Davido is beyond money and gossip,” he said.
DAILY POST reports that Chief Priest disclosed via his Instagram page that his outfit for the wedding of the singer, Davido and his wife, Chioma, in Lagos on Tuesday cost seven million Naira.
The socialite recently appreciated Davido for not “discarding” Chioma.
He stated that the DMW boss has made Imo State proud by choosing to marry from the state.
Nigerian singer Simisola Kosoko, popularly known as Simi, has lent her voice to the ongoing anti-tax hike protests in Kenya.
The Tide’s source reports that Kenyan youths are marching against tax hike in widespread demonstrations tagged ‘RejectFinanceBill2024.’
Five people were shot dead and dozens wounded after police clashed with protesters who stormed the parliament building in Nairobi on Tuesday, according to Amnesty Kenya.
Reacting via her X handle on Tuesday night, Simi declared her support for the demonstrators.
She stated that “it is both powerful and heartbreaking for a people to have to fight and die for freedoms and rights.”
The singer wrote, “I stand with the people of Kenya. It is both powerful and heartbreaking for a people to have to fight and die for freedoms and rights. Godspeed and Strength. [Hash tag] RejectFinanceBill2024.”
In a series of other posts, she wrote: “Wow. When you’ve had enough, the fight is almost inevitable.
“African leaders- have not you done enough?
“I can’t wait for the day Africa is not a weapon fashioned against Africans. All of this amazing Black power and human resource, but the majority are not likely to thrive unless they run.”
Famous Nigerian Afrobeat singer, Davido was spotted among other top artistes at Asake’s ‘Lungu Boy’ tour concert in Atlanta, Georgia.
Asake’s performance at his sold-out show at the 17,000-capacity State Farm Arena in Atlanta began on August 16, 2024, and is set to run for 10 days.
In a trending video on social media, Davido appeared backstage with American rapper Quavo to support Asake during the live performance.
Other musicians in attendance included Nigerian hitmaker Zlatan and American rapper Russ Millions.
The Tide’s source reports that Asake’s ‘Lungu Boy’ tour is set to cover six U.S. cities, where he will headline notable venues including Madison Square Garden in New York, the Toyota Center in Houston, and the State Farm Arena in Atlanta.
Asake’s tour comes just days after the release of his latest hit, ‘Lungu Boy,’ which features several superstars, including Wizkid, British rappers Central Cee and Stormzy, Travis Scott and Brazilian singer Ludmilla.
‘Lungu Boy’ set a new record for the biggest opening week on Spotify Nigeria, garnering 18.9 million streams in its opening week and breaking the previous record of 14.4 million streams held by Davido’s ‘Timeless.’
