Music services increase their audience – Kommersant FM
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In 2024, the number of subscriptions to music services could grow by 15%. This should bring the industry up to 24-26 billion rubles, Forbes reports, citing data from Yandex Music. Next year, Russian services plan to develop recommendation systems and promote young artists. The topic will be continued by Alexander Mezentsev.
In Russia, about 23 million people are subscribed to music services, as calculated by Yandex Music. As the company notes, two years ago this figure was 20% less. Yandex expects growth next year.
Every week, approximately 80 thousand new tracks, albums, podcasts and videos are uploaded to the site. Other factors also affect the growth in popularity of streaming, says Alexandra Sagalovich, head of the Yandex Music service:
“An important factor is the growth in the market of smart devices, such as Yandex Station. In 2024, we estimate that 5.5 million new devices will be added, up 20% year-on-year. And the third factor is the emergence of new big names among local artists. As our mission, we see the development of the local scene and helping artists to create more new, in-demand local music.”
As Kommersant FM was told in Yandex Music, over the past year the service has opened over 100 new performers. VK Music also relies on Russian singers. They told Kommersant FM that only 15% of users now listen to foreign artists. And the trend for domestic music will continue in 2024. But perhaps the market will be replenished with non-English-language foreign tracks, believes Evgeny Safronov, editor-in-chief of the InterMedia news agency:
“Not so much at the expense of Russian, but, for example, Latin American musicians, who are not strongly bound by agreements with the world oligarchy. Of course, there is no hope for China, because the cultural codes are too different. As for the main world content, everything depends only on politics. If something changes, Western performers will begin to return, and very quickly.”
Experts interviewed by Kommersant FM believe that new players are unlikely to appear in the market of music streaming services: the niche has already been occupied by the services of Yandex, VK, MTS, and Sber. The only option in which users will receive another streaming service is to merge existing platforms into a new brand. New users are attracted by the recommendation system: the neural network analyzes musical preferences and finds tracks that the listener might like.
It is not a fact that all services in 2024 will focus on the work of artificial intelligence, says Dmitry Konnov, executive director of Zvonko Digital:
“The recommendation system has long proven that it is the engine of success for a streaming service. It’s no coincidence that Spotify remains the leader worldwide, despite the fact that both YouTube Music and Apple Music exist. Maybe someone will use this in their marketing communications, while others, on the contrary, will say that they are not going to use AI, since its recommendation system is still as human-oriented as possible.”
Experts note that Russian streaming services are unlikely to reach self-sufficiency in 2024. At the same time, all platforms will remain in competition for both listeners and investors.
Everything is clear with us – Telegram channel “Kommersant FM”.
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