07 Sep CEDIA: Potential 30 Million Consumer Market for Hi-Res Audio
SAN DIEGO — Music industry leaders discussed the landscape for streaming Hi-Res Audio and consumers’ eagerness for a higher tier listening experience, during the “Stream the Studio” Keynote at CEDIA 2017 here this week.
DEG Senior Director Marc Finer, the keynote’s moderator, and speaker Russ Crupnick, Managing Partner of MusicWatch, shared the results of several collaborative research studies on the topic of enhanced streaming and Hi-Res Audio. Based on its research, MusicWatch estimates the potential market for Hi-Res Audio at nearly 30 million 18-65 year olds. These are consumers, who value sound quality in music, believe that sound quality could be improved and are willing to pay to obtain a higher quality sound experience.
MusicWatch conducted a survey around the interest in enhanced streaming, defined as a subscription streaming service with premium features such as live concert feeds and “sound quality as good as in the recording studio.” Among respondents, nearly 60 percent of the target market expressed interest in subscribing to enhanced streaming. The target was defined as 21-45 year olds who use higher- end devices to listen to music. “Sound quality as good as in the recording studio” was a top feature driving interest in subscribing. The research results were powerful validation that there is a market for higher resolution audio, Crupnick said, indicating that a large number of consumers are willing to pay (or pay more) to obtain premium features, and that improved sound quality is an important feature in driving consumer interest.
Stream The Studio, an initiative supported by major music and technology companies, delivers studio-quality, hi-res audio with advanced user features. In this keynote session, sponsored by DEG, executives from leading content and tech companies provided an insider’s look at the factors shaping the development and deployment of this premium listening tier, as well as the opportunities for technology integrators.
Above, Finer (center) talks with MQA Ltd. CEO Mike Jbara (left), and Enno Vandermeer, Founder and CEO of Roon Labs. Dave Workman, President and CEO of CE buying group ProSource Inc. also participated in the keynote.