PWC report shows US market on the up, NZ to lose revenue
The latest music report from PricewaterhouseCoopers (PWC) shows music streaming is still on the rise as digital downloads fall.
The consulting firm’s Entertainment & Media Outlook 2014-2018 shows the US market is expected to grow from US$15.1 billion in 2013 to US$16.5 billion in 2018 with the biggest business increase expected to hit music streaming.
US music streaming activity is up 33% from 2012, echoing the last report with revenue for the service expected to hit $1.7 billion in 2018. The prediction denotes an impressive 14.5% increase per year from 2013’s US$848 million in recorded revenue.
Neilsen SoundScan has reported total streams in the US market were up 37.6% through May 18 while digital downloads have taken a hit with a decrease of 12.3%. The PWC report also shows download revenues will remain static over the next five years when inflation isn’t considered.
The report for New Zealand shows its music market was worth NZ$212m in 2013, a NZ$9 million fall on 2012 and 2018 the music business worth will decrease to NZ$195m.
It’s downward trajectory continues in the physical recorded music sector where revenue is expected to fall sharply in years ahead. Sadly, digital sales aren’t expected to make up the difference.
A representative from PWC in New Zealand has told TMN the Australian report will be released July 7.