Popularity of Streaming Services Grows as Isolation Measures Take Hold
OFFICIAL PRESS RELEASE
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NEW YORK, Aug. 3, 2020 -- The current pandemic has had a negative effect on many industries. Yet some have found themselves in a position to benefit. The music streaming market, for example, is enjoying a consistent rise in subscribes. According to data provided by a report by Nielsen, the music industry had a good start this year, with total audio activity in the United States up 14.6% year-on-year from the start of 2020 until March 12th. However, as the pandemic spread and governments implemented social distancing and temporary quarantine measures, total audio activity rose higher in the period of March 13th to July 2nd by 6.2% year-on-year, helping the year-to-date activity stay at a year-on-year increase of 9.4% overall. "Given the boredom and anxiety caused by the pandemic, it's no surprise that people looked to music for comfort: 87% of consumers turned to music they usually listen to, and 55% revisited music they hadn't heard in a while," the report explains. Color Star Technology Co., Ltd. (NASDAQ: HHT), Spotify Technology S.A. (NYSE: SPOT), Sony Corporation (NYSE: SNE), Live Nation Entertainment (NYSE: LYV), Tencent Holdings Limited (OTC: TCEHY)
To remain competitive in this market, timely updates and advancements have been made in digital music platforms by the music streaming service providers to stay ahead of the competition and sustain growth in subscribers. There are some major players in this industry, including some of the largest technology companies like Apple and Amazon, as well as other more music centered companies like Pandora Media, Inc., SoundCloud and Spotify. Considering the demand for multiple digital music platforms and rising number of music subscribers, the popularity of music streaming providers is expected to continue to grow. And, according to The Insight Partners, the global music streaming market was valued at USD 26.0 Billion in 2019 and is projected to reach USD 46.9 Billion by 2027, while witnessing a CAGR of 7.4% during the forecast period 2020-2027.
On September 9th, 2020, Ryota Hayashi, a well-known Japanese idol, will make his appearance, bringing a special and unparalleled performance to fans all over the world online. At that time, the world's top superstars will be invited to perform online, and the show will be broadcasted on more than 200 video and social platforms worldwide.
Born in Osaka, Japan and known for his stage plays singing, dancing and acting skills, Ryota participated in a live show 'My Prince of the Year' in 2018, which helped him gained big fan base and is now known as the 'Osaka Prince' by many fans. Ryota also starred in the survival reality show 'PRODUCE 101 JAPAN', which became a big hit in Japan in 2019. Ryota successfully captured audience with his great acting skills and stood out among 101 participants.
Biao (Luke) Lu, Company's CEO comments, 'The 'Color World' online concert will bring to hundreds of millions of audiences around the world not only the wonderful performances from the world's top artists, but also the dazzling stage design and top audio equipment. The concert aims to bring in a broader audience base from Japan and increase the company's exposure in Asia.'
About Color Star Technology Co., Ltd.: Color Star Technology Co, Ltd. (Nasdaq: HHT) offers online and offline innovative education services for the music and entertainment industries globally. Its business operations are conducted through its wholly-owned subsidiaries Color China Entertainment Ltd. and CACM Group NY, Inc. The Company's online education is provided through its Color World music and entertainment education platform. The Company also offers after-school entertainment tutoring in New York via its joint venture entity Baytao LLC."
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August 3, 2020 9:00am ET by Pressparty