Study: Australia’s Streaming Market To See Double-Digit Growth By 2020
A new white paper released by Spotify and GroupM has revealed there are no signs of slowing for Australia’s streaming industry, with the market set for double-digit growth by 2020.
The study, titled Streaming State of Mind, found that 37 per cent of the current Australian streaming market has either listened to music or watched TV and movie content in the past year, with the local market expected to grow by 32 per cent by 2020.
The research also found that of the seven markets surveyed (Australia, the US, Denmark, Canada, the UK, France and Sweden), 60 per cent of music streamers report streaming on mobile, compared to 40 per cent of TV and movie streamers.
Furthermore, Spotify’s internal data shows that 69 per cent of streams now come from mobile, up 17 per cent in the last year alone.
Streamers are also more likely to engage with all kinds of media than non-streamers, and are 23 per cent more likely to value access over ownership, according to the study.
The white paper noted that in a market worth US$1.5 billion, mobile music moments like “working out” and “working” alone are worth up to US$220 million worth of new ad revenue.
Spotify’s sales director for Australia and New Zealand, Andrea Ingham, said the data shows that streaming in Australia is growing at an “exciting and rapid” pace.
“We know that there are more consumers streaming on mobile than ever before, which presents huge opportunities for both marketers and advertisers to take advantage of this growing market,” she said.
“Being able to understand the behaviours and ‘moments’ of streamers across multiple demographics was a key objective in creating Streaming State of Mind, as it helps to open up new ways for marketers to precisely target their audience through an audio platform.”
GroupM Australia CEO Mark Lollback said the white paper will help the company’s clients understand music streamers in more detail.
“GroupM was pleased to have partnered with Spotify on this important piece of research,” he said.
“GroupM believes in helping our clients deliver high quality media engagement opportunities – and streaming in Australia offers one of those opportunities.”
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