High resolution audio is the music industry’s next focus, according to a new industry report, which also said that ‘lossless’ streaming subscriptions are expected to account for almost 25% of all music subscriptions by 2020.
But this does not mean the lower quality MP3 music file format is going to be replaced anytime soon.
“Amazingly, the MP3 music format is 25 years old, and it still has an important part to play in today’s music landscape. However, because it compresses the music file for easier storage and internet transfer, the music quality invariably suffers,” said Peter Cooney, Principal Analyst & Director of SAR Insight & Consulting.
As broadband coverage widens and mobile download speeds increase thee will be an opportunity for higher resolution audio.
According to the latest report from SAR Insight & Consulting, called: ‘High Resolution Audio: Creating Opportunities Across the Audio Ecosystem; State of the Industry Today and Future Market Growth’ the music industry as a whole has been slow to embrace HRA, but the link up between the Consumer Electronics Association, The Digital Entertainment Group, Japan Audio Society and major music labels, such as Sony Music Entertainment, Universal Music Group and Warner Music Group in 2014 to define and promote high resolution audio formats through formal definitions for master quality sources, was a major step forward.
Full story at Electronics Weekly