WMG senior VP predicts industry's revenue to triple.
The mobile ringtone industry will double or triple its revenues over last year, predicted Warner Music Group's senior VP of Internet strategy and business development Michael Nash. Nash delivered the keynote address at today's (May 19) Global Wireless Summit at the Wyndham Bel Age Hotel in Los Angeles.
Nash said that 2003 mobile ringtone sales -- which he very broadly estimated at between $50 million and $130 million -- "may take on the role of the CD single" in terms of exposing new material from artists.
Additionally, Nash pointed out the rapid adoption of mobile technology among teens. He estimated that 50% of teens will own cell phones by 2007, and that 25% of mobile revenues will be generated by the teen market by the end of 2004. Last year, teens spent 10% less on clothing in favor of their phones and phone accessories, said Nash.
He also expected that upcoming developments in the mobile industry will include expansion of peer-to-peer viral marketing capabilities, cross-platform content subscriptions and the creation of original content to drive music marketing.
The BMI and Consect-sponsored summit continues through tomorrow (May 20).