Denver, CO (PressExposure) June 09, 2014 -- A new survey of 1,010 US Consumers showed that customization of song lists, ease of use and mobility are the most important factors when it comes to showing brand loyalty for one of the major players in the growing streaming music industry.
While Pandora, Inc. is the current leader in terms of longevity (launched January 2000); users (55 million) and revenue ($274 Billion in 2012 revenue), investors are jittery that the organization lost $16 million in 2012 and now has a slew of competitors to fend off in the market.
According to the report Media Review: Music Streaming Services Market Profile by ClearVoice Research®, a market research and intelligence firm based in Denver, iTunes Radio, the streaming service launched by Apple, Inc., has already amassed 15 % of the streaming music market share since its launch in September. (download the report here: http://clearvoiceresearch.com/us-streaming-internet-radio-study/)
"The main driver of this services' appeal is the ability to customize playlists using a combination of personally owned iTunes tracks and streamed music keyed to similar songs," said ClearVoice Research President David McGrath. "Spotify and iHeartRadio offer more traditional, but nonetheless appealing alternatives to Pandora based largely on their customization options."
News of Spotify reaching 10 million paid subscribers and 40 million subscribers overall sent Pandora's stock tumbling down at the end of May, further proving the "share of ear" is suddenly up for grabs.
The research from ClearVoice also indicates that consumers are hungry for a service that will provide news and sports coverage along with their music overlap. The study concludes that consumers would be willing to absorb an incremental increase in both price and ad exposure as long as they could be more in control of their listening experience.
You can download the entire Media Review: Music Streaming Services Market Profile by ClearVoice Research® by going here: http://clearvoiceresearch.com/us-streaming-internet-radio-study/. This is the first in a series of four research reports that ClearVoice Research will release on the topic of Streaming Music Services in 2014. The next report tentatively titled, TV Everywhere, will have a larger sample size and is scheduled for release in August 2014.