According to In-Stat, while Peer-2-Peer and piracy issues have not entirely disappeared, consumers are showing heightened awareness and interest in legitimate online music services -- "The worldwide online music market is expected to grow 134% this year, reaching $1 billion for the first time. With increased competition between sites this year, differentiation will be a key strategy. Sites are building larger catalogs and working with labels to offer new types of digital content, such as live concerts and remixes. In addition, branding and customer loyalty will be a primary focus. In-Stat's survey found that the average amount spent in the past year for online music was $25. Over half of the survey respondents who have downloaded music from the Internet admitted to not paying for it. And, 35% of the respondents are owners of an MP3 player, with 70% saying it was their first one."
The BaaS model has been adopted across a wide range of industries due to its ability to streamline financial processes for non-banks and foster innovation. BaaS has several industry-specific use cases, where it creates new revenue streams. Banking as a Service (BaaS) is rapidly emerging as a growth market, allowing non-bank businesses to integrate banking services into their core products and online platforms. As defined by Juniper Research, BaaS is "the delivery and integration of digital banking services by licensed banks, directly into the products of non-banking businesses, commonly through the use of APIs." BaaS Market Development The core idea is that licensed banks can rent out their regulated financial infrastructure through Application Programming Interfaces (APIs) to third-party Fintechs and other interested companies. This enables those organizations to offer banking capabilities like payment processing, account management, and debit or credit card issuance without