Popularity of Streaming Services Grows as Isolation Measures Take Hold

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Aug 03, 2020, 09:00 ET

NEW YORK, Aug. 3, 2020 /PRNewswire/ -- The current pandemic has had a negative effect on many industries. Yet some have found themselves in a position to benefit. The music streaming market, for example, is enjoying a consistent rise in subscribes. According to data provided by a report by Nielsen, the music industry had a good start this year, with total audio activity in the United States up 14.6% year-on-year from the start of 2020 until March 12th. However, as the pandemic spread and governments implemented social distancing and temporary quarantine measures, total audio activity rose higher in the period of March 13th to July 2nd by 6.2% year-on-year, helping the year-to-date activity stay at a year-on-year increase of 9.4% overall. "Given the boredom and anxiety caused by the pandemic, it's no surprise that people looked to music for comfort: 87% of consumers turned to music they usually listen to, and 55% revisited music they hadn't heard in a while," the report explains. Color Star Technology Co., Ltd. (NASDAQ: HHT), Spotify Technology S.A. (NYSE: SPOT), Sony Corporation (NYSE: SNE), Live Nation Entertainment (NYSE: LYV), Tencent Holdings Limited (OTC: TCEHY)

To remain competitive in this market, timely updates and advancements have been made in digital music platforms by the music streaming service providers to stay ahead of the competition and sustain growth in subscribers. There are some major players in this industry, including some of the largest technology companies like Apple and Amazon, as well as other more music centered companies like Pandora Media, Inc., SoundCloud and Spotify. Considering the demand for multiple digital music platforms and rising number of music subscribers, the popularity of music streaming providers is expected to continue to grow. And, according to The Insight Partners, the global music streaming market was valued at USD 26.0 Billion in 2019 and is projected to reach USD 46.9 Billion by 2027, while witnessing a CAGR of 7.4% during the forecast period 2020-2027.

Color Star Technology Co., Ltd. (NASDAQ: HHT) announced breaking news last week that, "the famous Japanese idol Ryota Hayashi will perform at the online concert 'Fearless, Color World' hosted by the Company.

On September 9th, 2020, Ryota Hayashi, a well-known Japanese idol, will make his appearance, bringing a special and unparalleled performance to fans all over the world online. At that time, the world's top superstars will be invited to perform online, and the show will be broadcasted on more than 200 video and social platforms worldwide.

Born in Osaka, Japan and known for his stage plays singing, dancing and acting skills, Ryota participated in a live show 'My Prince of the Year' in 2018, which helped him gained big fan base and is now known as the 'Osaka Prince' by many fans. Ryota also starred in the survival reality show 'PRODUCE 101 JAPAN', which became a big hit in Japan in 2019. Ryota successfully captured audience with his great acting skills and stood out among 101 participants.

Biao (Luke) Lu, Company's CEO comments, 'The 'Color World' online concert will bring to hundreds of millions of audiences around the world not only the wonderful performances from the world's top artists, but also the dazzling stage design and top audio equipment. The concert aims to bring in a broader audience base from Japan and increase the company's exposure in Asia.'

About Color Star Technology Co., Ltd.: Color Star Technology Co, Ltd. (Nasdaq: HHT) offers online and offline innovative education services for the music and entertainment industries globally. Its business operations are conducted through its wholly-owned subsidiaries Color China Entertainment Ltd. and CACM Group NY, Inc. The Company's online education is provided through its Color World music and entertainment education platform. The Company also offers after-school entertainment tutoring in New York via its joint venture entity Baytao LLC."

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Spotify Technology S.A. (NYSE: SPOT) announced last month a new, multi-year global license agreement that further aligns the companies' efforts to foster groundbreaking new features providing value for artists and great experiences for music fans. With this new agreement, the companies advance their industry-leading partnership, reflecting a shared commitment to music's continued growth, deeper music discovery experiences and collaboration on new, state-of-the-art marketing campaigns across Spotify's platform. Additionally, as music's most innovative company and one of Spotify's earliest supporters, UMG will deepen its leading role as an early adopter of future products and provide valuable feedback to Spotify's development team. Daniel Ek, Chairman & CEO of Spotify, said, "From their early experimentation with Marquee, to testing new experiences like Canvas, Universal Music Group has been an important partner in helping to shape the development of our marketing tools. With today's announcement, we will expand on this level of early stage innovation and further strengthen our partnership and shared vision for helping advance artists at all stages of their careers."

Sony Corporation (NYSE: SNE) announced back in May its participation in "500 ARTISTS WANTED," an artist support program sponsored by Music.com and operated by Inspiration is Everything, Inc. The program helps U.S. artists, creators and musicians impacted by COVID-19 continue engaging in creative and performance activities. The global outbreak of COVID-19 has caused significant restrictions on music activities, including live concerts cancellations and music production studio closures. Sony will participate in and fund "500 ARTIST WANTED," a program that supports amateur and professional artists' creation of "360 Reality Audio" music, an immersive audio experience utilizing object-based spatial audio technology. "As a company closely connected to creators and the music industry, we aim to provide opportunities for artists and creators to share their music in this limiting environment by using immersive "360 Reality Audio," said Hiroshi Nakamura, Senior General Manager of Mobile Product Business Division of Sony Home Entertainment & Sound Products, Inc.

Live Nation Entertainment (NYSE: LYV) reported in a blog post from July 27th, that Lollapalooza will commemorate this year's festival weekend with Lolla2020, a free four-night broadcast event taking place on the original dates of the Chicago-based festival, Thursday, July 30 through Sunday, August 2. The broadcast will air exclusively live on YouTube beginning at 5pm CT each night. Fans will be virtually transported to the festival grounds to experience epic past Lollapalooza performances from LCD Soundsystem, Metallica, Yeah Yeah Yeahs, Ellie Goulding, Run The Jewels, Lorde, Alabama Shakes, Tove Lo, including historic headlining sets from Paul McCartney, Chance The Rapper, OutKast, and Arcade Fire, celebrating the ten year anniversary of their Grammy Award-winning Album Of The Year, The Suburbs, and much more.

Tencent Holdings Limited (OTC: TCEHY) announced back in March that a Tencent-led consortium (the "Consortium") has completed the acquisition of a 10% equity stake in Universal Music Group ("UMG") from Vivendi SE (VIV.PA, "Vivendi"), based on an enterprise value of EUR30 billion for 100% of UMG's share capital (the "Transaction"), three months after the signing of the agreement on December 31, 2019. The Consortium is delighted to support UMG's growth through this investment and believes that the long-term growth potential of the music industry remains intact despite macro-economic challenges. With the support of Vivendi, Tencent and TME will work together with UMG to further promote a thriving entertainment industry by developing innovative forms of music engagement and broadening opportunities for artists.

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