Music distribution company MusiComms has released the top five new music opportunities for 2017, based on a January 2017 survey the company said.
Top areas for music industry growth include: Telecom, the Internet of Things (IoT), Energy, Automotive, and Healthcare. In these industries, the customer experience is of the utmost importance and, according to MusiComms, music is the key element for improving customer experience and generating new revenue opportunities.
In telecom, the organization revealed that the majority of consumers said they would switch wireless providers if promised free music streaming. This year the January 2017 survey pointed out that the majority of consumers who took the survey (42.6%) want their wireless providers to be their primary music service providers. This significantly surpassed third party applications and streaming services who followed at a much lower 26.6%.
With the influx of IoT, virtual reality, and augmented reality, there is a significant opportunity for telcos to monetize and strategically use music.
With increased digitization of traditional industries, there is a need for ensuring seamless access to music, and connected devices are providing this opportunity. As more industries focus on IoT as part of their business strategy, music will emerge as an essential tool for customer experience.
This month´s music survey identified the top three most desired music streaming providers as mobile operators, followed by automotive manufacturers and energy companies.
As utilities and energy companies already have a gateway into the home, music can easily be offered through utility providers. There is a real opportunity for energy service providers to own the in-home experience through expanded music and entertainment offerings that will ultimately enhance the customer experience.
Listening to music in the car is part of most consumers´ daily lives, but the survey suggests that automobile manufacturers may want to consider monetizing this new customer engagement tool. By rolling out their own music streaming services like warranties, cloud-based vehicle services could provide a new revenue stream while keeping customers satisfied.
While not a primary obvious consumer choice, the evolution of the healthcare industry and new IoT applications are making the link between listening and recovery stronger than ever. There is also a real healthy financial market looking for the next big thing in patient satisfaction. MusiComms believes that music has the power to heal and bring a new level of customer experience to the healthcare space.
MusiComms is a global initiative dedicated to collaboration between the music and communications industries with the goal of seeking out new opportunities for innovation and long-term sustainability and profitability of both markets. As a consortium, it hosts a number of activities that bring together leadership from music and technology-driven industries to develop, innovate and implement new revenue models and marketing opportunities, with the ultimate goal of leveraging music to distinguish brand and fuel business opportunities.
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