The music industry continues to lag behind video streaming revenues primarily due to several factors. Music monetisation has significantly lagged consumption, attributed to a lack of price increases, dilution from bundles, and limited customer segmentation compared to video streaming services like Netflix. The revenue per audio stream has declined by 28% since 2017, with the average revenue per streaming hour on Spotify being approximately twice lower than on Netflix[1].
Moreover, the implied revenue per stream fell by 10% year over year in 2023, indicating that while content consumption surged, the financial returns for music streaming have not kept pace with the growth seen in other entertainment sectors[1].
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