Streaming services and their subscription revenue has saved the music business, according to a new music industry report, which notes that 2017 was the third consecutive year of revenue growth — again, thanks to digital music consumption. Global recorded music revenues reached $17.4 billion in 2017, up from $16 billion in 2016 — an annual growth rate of 8 percent. Streaming revenues in particular have contributed to this growth, and were up 39 percent year-over-year to reach $7.4 billion, or 43 percent of all revenues.
Apple Inc.’s takeover of music-identification service Shazam faces an extended European Union probe as antitrust regulators raised concerns that the iPhone maker could use the app’s data to lure customers to its own music service.
Amazon Web Services announced Blockchain Templates late last week, a “blockchain-as-a-service” offering that competes with similar products from Oracle and IBM. The launch shows how eager the biggest enterprise players are to get ahead in the blockchain game, even if their customers are still trying to pinpoint exactly what blockchain can do for them (and some investors are starting to temper their initial excitement).
It’s been a big month for the global leader in music streaming: Three weeks after going public via a direct listing on the New York Stock Exchange, Spotify held an event today (April 24) at Manhattan’s Gramercy Theater to unveil upgrades and improvements to the free, ad-supported tier of its streaming service.