Omnifone, the independent provider of cloud-based unlimited music services, has released a statement following Strategy Analytics research into digital music revenues indicating that streaming revenues are up 40% globally.
The Strategy Analytics research suggested that spending on digital music may outstrip physical by 2015.
Jeff Hughes, CEO, Omnifone, commented on the figures reflecting strength of streaming music revenues in the current digital music industry landscape and believes that further growth is inevitable.
“Consumers now expect to access music wherever they are from any device. We believe this is just the start of the curve of explosive growth which will be further fuelled by the continued proliferation of connected devices and the introduction of next generation technologies such as 4G.
“Streaming music revenues will continue to grow and we expect to see the ownership of access to all music overtake the desire to own individual songs or collections.”
He noted the damaging effect of piracy and “a period of major readjustment”, praising the industry for evolving and adapting to changes.
“[The industry is] starting to replace lost revenue through streaming and download-to-own services. Right holders, publishing collective societies and device manufacturers have made great strides in the monetisation of digital music services.
“The penny has dropped that digital is critical to the long-term success of the entire eco-system. We’re at the start of a hugely optimistic growth phase.”