In the first half of 2015 a third of all music revenue was generated by streaming services. This is according to the Recording Industry Association of America with the well-known streaming stalwarts of Spotify, YouTube and Pandora taking 33% of the tally. The British Phonographic Industry then released a figure which really underscored the roaring rise of music streaming: 11.5 billion streams in the first six months of 2015 versus the 14.8 billion for the entirety of 2014. Music streaming has become big business and it is also a fair playground for startups and entrepreneurs
Towards the end of February 2016, Team8 announced the closure of a $23 million strategic round of Series B investment. The new partnerships forged by the funding included AT&T, Accenture, Nokia, Mitsui and Temasek who will be joining other big names such as Cisco, Alcatel-Lucent, Bessemer Venture Partners, Marker LLC and Innovation Endeavours in playing a role in this company’s rapid ascent to cyber-stardom.
Tencent is the Chinese social network, chat software and gaming developer. The company has grown from a simple startup to the biggest revenue spinner on the gaming frontier, and is now one of the most successful companies in the world. Tencent sits in the number one position in the gaming market with regards to revenue, with a 21% increase year on year as of December 2015 and a fourth quarter earnings of $2463 million. The company earned more than $3 billion in smartphone game revenue in 2015 and is listed on Forbes as one of the world’s most innovative companies.
Every month we feature an exceptional undertaking in our Start Up Spotlight feature. This month’s AI social network will truly amaze you.