September 15, 2016

Finnish music startups turning up the volume

One possible trend for the future includes services developed for communication applications.
One possible trend for the future includes services developed for communication applications.
istock.com / SIphotography

The revenue of Finnish music startups went up over two thirds during 2015 in comparison to the year before.

The total revenue increased from 2.3 million euros in 2014 to 3.9 million, report Teosto and Finnish Music Startups, which amounts to almost 70 per cent increase.

The figure is based on a survey conducted by Teosto and Finnish Music Startups, and covered 18 companies in total. These companies predict to see their revenues grow substantially this year, too.

According to the survey, more than 90 per cent of the revenue of companies that set out to reach international markets comes from outside of Finland.

“The positive thing is that the growth is almost exclusively targeted at international markets where the competition is tough but the opportunities are immense,” says Turo Pekari, senior advisor in innovation and discovery at Teosto, in the joint press release.

Rising trends in music startups focus on services related to teaching and learning. One possible trend for the future includes bots and services developed for communication applications, such as WhatsApp.

“Music should be seen as an innovative platform for new services instead of simply content streamed from Spotify and other music services. In Finland, this development can now be witnessed,” Pekari points out.

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