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Universal Sweden “100 per cent” sure music streaming can boost global industry

Representatives from Universal in Sweden, where audio streaming has transformed an ailing industry, firmly believe that subscription services are the future of modern music, reports bbc.co.uk.

Services like Spotify now generate more money than sales of downloads or CDs, with 91 per cent of digital income in Sweden now deriving from these websites and apps.

The total contribution from streaming services worldwide is a mere 13 per cent. However, industry workers who witnessed the turnaround in Sweden are now backing the concept to catch on elsewhere.

“We were the worst in the class,” says Per Sundin, managing director of Universal Music in Sweden, who had to promote acts in a country that had one of the highest rates in the world for illegal downloads.

As reported by musically.com, streaming services helped the Swedish market post 13.8 per cent growth last year and Mr Sundin now finds himself touring the world to give talks on how subscriptions have changed his industry.

“I am 100 per cent sure that this is the future. Streaming services will be the next step for global music consumption,” he commented.

Streaming is currently growing faster in markets like India and the Netherlands than in Britain. However, as vinyl, compact disc and downloading catch on across the world, the UK’s own music industry might expect a boost from companies like Spotify in the near future.

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