Streaming is changing the music industry as we know it, according to Harvey Mason Jr., a six-time Grammy winning record producer who said while times are tough, the music community loves Spotify and Apple because of their exposure to millions of consumers.
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“It’s a whole new world musically [and] in business as well,” Mason told FOX Business’ Maria Bartiromo on “Mornings with Maria.” “Everyone can make it and there are more people consuming it than ever before.”
Spotify, the largest music streaming service with 150 million users, will make an unusual public debut on Tuesday. It will skip a traditional initial public offering and directly list its shares on the NYSE.
“Spotify represents the way everyone gets their music out,” Mason said and added that while Apple is competing, Spotify is ahead with listeners so far.
Even so, it remains to be seen whether Spotify can keep up with Apple’s music ambitions.
“[Apple has] access to so much great content and they are trying to do exclusive deals with artists,” he said.
Another potential player is Amazon, Mason added.
“They have so many people on their service and they have access to so many people,” he said. “It will play out to see if they can market the music side or the entertainment side as well as Spotify and Apple have.”