LONDON, Oct. 2, 2024 /PRNewswire/ — According to new analysis from Omdia, Spotify has increased its market share of the leading music companies’ combined market capitalization in the third quarter of this year.

After overtaking Universal Music Group (UMG) to become the biggest music industry company in the second quarter, Omdia’s Music Industry Sharewatch, 3Q24 has revealed that Spotify’s market share of the 28 companies tracked ended September at 32.9%, up from 28.7% at the end of June. Spotify’s market cap over the three-month period increased, to $72.2bn from $62.5bn. UMG remained in second place, but the company’s market share was down, to 21.8% from 24.7%.

In a strong quarter for live music promoters, Live Nation took third spot in the rankings. It’s market cap ended the quarter at $25.4bn compared with $21.7bn at the end of June, boosting the company’s market share to 11.6% from 10%. Chinese music streaming service Tencent Music Entertainment slipped to fourth place with a market share of 8.7%. Rounding out the top five, WMG’s market cap share edged up, to 7.4% from 7.3%.

In a good quarter for music overall, 15 of the 28 tracked companies registered an increase in their share prices over the quarter with 13 recording a negative performance. US broadcast group iHeartMedia was the top performer. Its share price opened on July 1 at $1.09 and closed on September 30 at $1.85. The company’s market cap in the quarter increased, to $289m from $196m. At the other end of the scale, US music and entertainment service LiveOne suffered the biggest decline, with its share price dropping 38.4%, to $0.95 from $1.54.

The combined market cap of the 28 companies ended September at $219.6bn compared with $217.5bn at the start of July and $194.2bn at the beginning of the year. Of the total, US-listed companies accounted for 65.6% of the combined end-September market cap total, with Netherlands-listed companies generating 21.8%, and German-listed companies 4.6%. The market cap share for streaming services stood at 43.4%, with record companies/music publishers accounting for 35.4%.

“Spotify’s performance in the third quarter is a continuation of the company’s strong showing in quarters one and two,” said Simon Dyson, Senior Principal Analyst at Omdia. “So far this year the share price has almost doubled. In contrast, UMG’s share price has struggled to regain the losses following the release of the company’s midyear results,” Dyson added.

ABOUT OMDIA:

Omdia, part of Informa Tech, is a technology research and advisory group. Our deep knowledge of tech markets combined with our actionable insights empower organizations to make smart growth decisions.

Fasiha Khan – Fasiha.Khan@omdia.com

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SOURCE Omdia

The report reveals challenges remain for retailers to unlock the full Trust Premium

NEW YORK, Oct. 2, 2024 /PRNewswire/ — Forter, the Trust Platform for digital commerce, today published the 2024 Trust Premium Report which explores the evolving relationship between consumer shopping habits and brand trust. For the second year in a row, the report found consumers still place a significant premium on trust – on average, spending 51% more with trusted retailers – based on 2,000 survey respondents in the U.S. and U.K.

Despite the impressive “Trust Premium” uplift, consumers surveyed in the U.S. and U.K. ranked their overall trust in online brands a 7/10 – down slightly from 8/10 in Forter’s 2023 Consumer Trust Premium Report. Trust is critical for consumers and, while many factors influence trust, online experience is a crucial component – from account creation and authentication to shipping and returns, loyalty programs and more.

“The digital experience impacts trust more than retailers may think, whether with complicated check-outs, unfriendly policies, or other shopper friction,” said Michael Reitblat, CEO and co-founder, Forter. “By treating their shoppers like people – instead of bots or bad actors – retailers can secure higher average order values and stronger customer lifetime value.”

Friction has a Hidden Cost
Many retailers use friction to validate good shoppers – and keep fraudsters at bay. But the report found that friction continues to cost retailers money at alarming rates. Seventy-eight percent of consumers surveyed admit they will likely abandon their online shopping carts if the process is too difficult or time-consuming.

Friction-filled experiences, particularly with complicated shipping and return policies, can erode trust in brands, driving customers away. Ninety-five percent of consumers surveyed said that shipping policies are important in deciding where to shop, with 53% abandoning their purchase in the last three months due to restrictive shipping policies. The same goes for returns: 89% said that return policies are important, with 22% admitting they’ve abandoned a purchase due to restrictive policies.

Loyal to Loyalty Programs 
The report also found that, despite consumers seeking loyalty programs from their favorite brands, their trust is eroded by security issues with these perks. Seventy-two percent of consumers surveyed agreed that loyalty programs influence where they shop, yet just under 1 in every 5 has been the victim of loyalty abuse – having their online points/rewards stolen – in the last three months.

Retailers attempting to drive customer lifetime value through their loyalty programs must invest in securing and protecting customer accounts to ensure bad actors aren’t taking advantage.

Holiday Shopping Stress Test 
The holiday shopping season will be a stress test for retailers – those able to maintain trust with consumers will secure more wallet share. According to the report, nearly half (48%) of consumers surveyed will spend the same or more on online holiday shopping in 2024, with 48% planning to use buy now, pay later (BNPL) for their purchases. The question isn’t whether consumers will shop this holiday season, but where and how they will choose to spend their money.

“Brands are future-proofing their businesses to thrive in an uncertain economic environment with unpredictable consumer behavior,” said Reitblat. “One of the biggest changes they can make is to invest in knowing who their good customers are so that they can deliver tailored experiences and build lifetime value through mutual trust.”

To read the full 2024 Trust Premium Report, visit: https://explore.forter.com/2024-trust-premium-report.

Methodology
The research was conducted by Opinion Matters in June 2024. The survey gathered responses from 2,000 adults aged 18+ who have at least two active online eCommerce accounts and shopped online at least once in the last three months in the UK and USA. There were 1,000 respondents from each territory.

About Forter
Forter is the Trust Platform for digital commerce. We make accurate, instant assessments of trustworthiness across every step of the buying journey. Our ability to isolate fraud and protect consumers is why Nordstrom, Instacart, Priceline and leaders across industries have trusted us to process more than $1 trillion in transactions. Our deep understanding of identity and use of automation helps businesses prevent fraud, maximize revenue and deliver superior experiences for their consumers.

About Opinion Matters
Opinion Matters is an award-winning insight agency. Their consultants create bespoke market research solutions for businesses, organizations, and agencies worldwide. They are experts in creating concepts, implementing and managing projects, analyzing results and reporting. The agency operates internationally, offering highly targeted niche panels that are more pertinent to specialist audiences and media requirements. Generic samples are also available.

Opinion Matters abides by and employs members of the Market Research Society and follows the MRS code of conduct and ESOMAR principles. Opinion Matters is also a member of the British Polling Council.

Media contact:
forter@missionnorth.com

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SOURCE Forter

Scaled Agile’s Platinum SPCT Tier Global Transformation Partners have a proven ability to transform the largest and most complex enterprises across the globe.

BOULDER, Colo., Oct. 2, 2024 /CNW/ — Scaled Agile, Inc., provider of SAFe®, the world’s most trusted system for business agility, today announced that CGI has achieved Platinum SPCT Tier Global Transformation Partner status.

As the adoption of SAFe has accelerated worldwide, there is increased demand for integrated support from top-tier partners who know how to navigate challenges that span industries, product types, and geographies. Scaled Agile’s new Platinum and Diamond Tier Global Transformation Partners offer a competitive advantage, end-to-end training and services, and a proven track record for achieving the most complex, diverse, multifaceted transformations on a global scale. 

Earning the Platinum Tier means that CGI and its clients can access exclusive benefits such as a global account management team, co-creation of go-to-market materials to differentiate offerings, the ability to distinguish industry expertise, and access to Scaled Agile’s leadership through growth strategy meetings and quarterly business reviews.

To reach the Platinum SPCT Tier, CGI has achieved and maintained over 41,000 active SAFe Certified professionals and has over 350 SPCs and 2 SPCTs. CGI also has led multiple large-scale transformations with SAFe, all with significant client outcomes and business results.

“After over a decade of incredible collaboration, we are thrilled to celebrate CGI’s achievement of the highest level of partnership with Scaled Agile,” said Scaled Agile’s CEO, Chris James. “CGI’s unwavering commitment and dedication have been key to accelerating global adoption and customers’ successful practice of SAFe.”

“CGI’s Platinum SPCT Tier Global Transformation Partner status with Scaled Agile reflects our commitment to driving large-scale transformations across industries and geographies. Our partnership with Scaled Agile enables us to deliver unmatched value to our clients, helping them achieve business agility and sustained success in an increasingly complex world,” said Steven Lacroix, Vice-President, Consulting Services at CGI. “Together, we continue to shape the future of enterprise agility through innovation, expertise, and delivery excellence.”

“In collaboration with our partner, CGI, we used SAFe to develop our value creation system, from initial strategy to delivery. We also trained and supported employees on the new Scaled Agile Framework. Not only has this approach enabled us to make immediate gains, it has been one of the keys to our successful business integration,” said Alexandre Blanchette, Vice-President, IT Governance and Centres of Excellence, at Beneva.

For more information about CGI and how they can help your organization, visit https://scaledagile.com/partner-finder/partners/001d000001v0arMAAQ/

About Scaled Agile, Inc.:

Scaled Agile, Inc. is the provider of SAFe®, the world’s most trusted system for business agility. Through integrated solutions that help teams unlock better ways of working, Scaled Agile is redefining the way the world’s leading organizations identify and deliver customer value, capitalize on emerging opportunities, and improve business outcomes. Over 20,000 businesses and government agencies rely on SAFe and Scaled Agile’s Global Partner Network to accelerate digital innovation and compete in a fast changing marketplace. Learn more at scaledagile.com.

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SOURCE Scaled Agile, Inc.