Digital music worth USD22bn by 2017
VALUE ADDED SERVICES| Aug. 29, 2012, 2:48 p.m.
Research firm Ovum predicts that the global digital music market will grow at 15% annually, reaching nearly USD22.5 billion by 2017.
Ovum says revenue is being boosted by subscription services, predicted to show a strong compound annual growth rate (CAGR) of 46%, much of it on the back of bundling partnerships with service providers.
New forecasts from the global analyst firm reveal growth across most regions, except North America and Europe, where mobile music is expected to decline by 5 – 7% (excluding unlicensed, non-music, and mobile subscriptions) as ring back tones fail to make up for the decline in ringtones.
While mobile music is having a rough ride (particularly in the west), consumers are recognising the benefits of the subscription model, being able to access tens of millions of streamed songs for the price of a CD every month rather than owning individual downloads. Telcos are helping to drive subscription growth with mobile music bundles.
Mark Little, Ovum’s consumer telecoms analyst, says: “We expect the main driver of digital music in the forecast period to be subscriptions, because it is a format that can be easily bundled by service providers, as well as offered directly, resulting in increased penetration of subscriptions around the world”.
MORE VALUE ADDED SERVICES NEWS
EFInA lifts Nigeria mobile banking with $1.5mEnhancing Financial Innovation & Access (EFInA) boosted the mobile money sector by splashing $1.5 million or about N421.5 million from its Innovation Grant on Diamond Bank’s Diamond Y’ello Account (DYA), a mobile banking platform which was built on MTN Xaas platform. Read More
KCB M-PESA loan disbursements cross KSh10B markRevolutionary mobile-based bank account KCB M-PESA has advanced KSh10.3 billion in loans to its customers since inception about two years ago, boosting access to credit in Kenya. Read More
Airtel Money, WAEC enable candidates to check their results onlineAirtel Money is enabling the purchase of the West African Examination Council (WAEC) results checker pins on its platform. Read More
Airtel Money Card is now back, with online paymentsAirtel Kenya has announced the return of its Airtel Money Card, enabling card holders the convenience of shopping, online payments and easy access to funds 24 hours a day. Read More
Daystar University pioneers smartphone-based degree programmesDaystar University has announced a strategic partnership with OneUni to launch Africa’s first smartphone-based degree programmes, the first of which is a Bachelor’s of Education for existing and aspiring teachers. Read More
MTN Ghana stimulates discussion on cashless societyAs part of its 2016 Mobile Money Month celebration in the country, MTN Ghana has revisited the discussion on a cashless society and the need for stakeholders to take a critical look at its benefits again. Read More
WorldRemit calls for urgent restoration of money transfers to NigeriaHundreds of global remittance companies have been forced to cease transfers to Nigeria, says WorldRemit. Read More
Mobile Money – the paradox of costly convenienceThe convenience of mobile money is being offset by the increased risk of fraud, report Kampala residents. Read More
Uber Kenya faces looming drivers’ strikeKenyan drivers for digital taxi service Uber have threatened to embark on a strike from today over fare price cuts. Read More
Uber offers cashless payments in Accra through SMSGHUber, the innovative app that connects riders with drivers, has revealed to Biztechafrica that it has partnered with SMSGH to provide mobile payments to the Greater Accra Metropolitan Area (GAMA). Read More
FEATURED STORYFinancial services sees AI as both opportunity and threat
Banking is already a key area where technology is having an impact throughout Africa, and a new survey assesses the impact artificial intelligence will have on this sector.
BEST READ NEWS
IN DEPTHAccess and Use of ICT stats released
Statistics Botswana has released the first results of the 2014 Information and Communication Technology Household Survey.