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Stockholm – the Powerhouse of Sound

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Stockholm – the Powerhouse of Sound Stockholm – the Powerhouse of Sound – The birthplace of Musictech innovations May 2016 Introduction 2 Stockholm – the world’s Musictech capital It’s in Stockholm where it all happens. This is where ideas become reality and where companies are created and grow strong. One of the hottest sectors at the moment is Musictech, where music and technology come together. Stockholm is the driving force in Musictech. Here, innovations are transforming the music sector into a more transparent, accessible and democratic industry and offering new forms of entertainment in the process. By Musictech we mean software and hardware for producing and consuming music. Today, companies from Stockholm are dominating the world of streaming music. When combined, Spotify, Apple Music and Pandora Radio (which acquired Stockholm-based Rdio) have a profound influence on the world of revenue-making streaming services. However, Stockholm is not only about streaming and Spotify. Music electronics, digital music production and new companies developing smart new ways of managing music rights are also flourishing and garnering Interest from other countries and global giants like Google and Apple. In 2015, Stockholm’s Musictech companies attracted investments of USD 555 million. And yet, this is just the start. In an increasingly digital world, markets are growing rapidly. The streaming sector alone is expected to grow by eleven percent annually and reach a market volume of USD 7.5 billon by 2020. By then, every forth person around the world is expected to use some form of streaming service.1 So, why have Stockholm become the world capital of Musictech? One answer is that success breeds success. Stockholm is a place that acts like an incubator for ideas and where the tech and music industries respectively, have grown into world leaders. It’s in the intersection of these two successful hubs where synergies emerge. We have the future ahead of us. Stockholm’s journey in Musictech has just begun. Content 3 Content 1 Why Stockholm is the leader in Musictech – Success breeds success 5 2 The main creators of the Stockholm Musictech scene – Stockholm, the birthplace of the innovations that are 7 transforming the music industry – The Stockholm Musictech scene, 25 companies in five markets 8 3 Milestones on the road to success – Ten years of Stockholm Musictech 19 4 Examples of how Stockholm Musictech influences the future of the music industry – ”It's about the future of great ideas.” 21 5 Sources – Media and interviews 24 Stockholm Business Region +46 8 508 280 00 www.investstockholm.com www.visitstockholm.com www.stockholmbusinessregion.com Why Stockholm is the leader in Musictech 4 Why Stockholm is the leader in Musictech Photo: Happy plugs / Image Bank Why Stockholm is the leader in Musictech 5 Success breeds success The Musictech companies of Stockholm have already become very successful and are making their mark thanks to several groundbreaking innovations. But why is it that a city in the north of Europe has become the breeding ground for so many innovative Musictech companies? There may be several answers to that question, but here are three. 01 Stockholm - an incubator that quickly turns ideas into reality 02 03 A world-leading Music Tech Where global tech hub music hits are born Stockholm – an incubator that quickly turns 01 ideas into reality Stockholm is the capital city, but with an intimate feel. It has a high density of informal meeting places for smooth knowledge exchange and highly educated, curious and ambitious people who cross-pollinate different ecosystems. 02 A world-leading tech hub Stockholm has, after Silicone Valley, produced the most unicorns per capita – startups sold or valued at over one million US dollars. The city is the birthplace of international brands and tech unicorns like Skype, Mojang (Minecraft), Klarna, King (CCS) and Spotify. But also the home of large corporations like Ericsson – the world’s largest supplier of telecom infrastructure. Did you know that programmer is the most common work title in Stockholm and that every fifth Stockholmer works in the tech sector. 03 Where global music hits are born Sweden is one of the world’s leading exporters of music. Ever since the 90s, a lot of the world’s biggest pop acts come to Stockholm to produce their music in cooperation with the city’s many music creators. In fact, this is where a substantial part of American and British hits are created. Producer and songwriter Max Martin, with more than 20 Billboard number ones to his name, is the world third most successful hit maker after Lennon/McCartney. There is also a well-developed infrastructure around music with publicly subsidized music education for children. The main creators of the Stockholm Musictech scene 6 The main creators of the Stockholm Musictech scene Photo: Viktor Gårdsäter The main creators of the Stockholm Musictech scene 7 ” Stockholm has outpaced other European cities with a mix of unique cultural traditions, visionary tech leaders, globally oriented startups and smart government policies. Stockholm has produced more unicorns per capita than any other city in the world.” Tech Crunch, January 2016.2 Stockholm, the birthplace of the innovations that are transforming the music industry During 2015, Stockholm’s Musictech companies attracted USD 555 million in open/reported investments3. Total investments in the entire tech sector amounted to USD 892 million4, which means that Musictech got a majority share of the entire investment volume. While perhaps best known for streaming services, there are also many other successful companies in the Stockholm Musictech sector. Tech investments 2015 USD million 1000' 800' 600' 400' USD USD 200' 555 892 100' million million 0 Stockholm’s Musictech Total investments in companies the tech sector ” Stockholm is becoming Europe's premier tech hub. There is a startup scene here that is rivalling the likes of London, Berlin and Paris as the most important tech startup hub in Europe.” Mashable, 2016.5 WhyThe main Stockholm creators is ofthe the leader Stockholm in Musictech Musictech scene 8 The Stockholm Musictech Scene - 25 companies in five market segments Below follows a short presentation of the 25 leading Musictech companies in Stockholm, divided into five segments. Together, these companies have more than 10006 employees and continue to grow and attract cutting-edge expertise from all over the world. 04 Music publishers and 03 rights management Digital music production 05 Streaming and other forms of music and audio 02 entertainment Musical instruments, aids and equipment 01 Music accessories The image shows the distribution of the 25 companies in five segments The main creators of the Stockholm Musictech scene 9 “ Urbanears has changed the way we look at personal electronics.” 01 The Future Positive, 2013.7 Music accessories This hardware segment comprises accessories for enter- tainment electronics. These are aimed mainly at music consumers. The segment is contiguous to Fashiontech. Happy Plugs Pugz Gear Sudio Zound Industries Product/business idea: Product/business idea: Product/business idea: Product/business idea: Since 2012, the company The company creates Sudio produces studio quality To create products at the produces a range of popular, distinctively designed wireless designer headphones. junction of electronics colorful headphones. The headphones with high The name originates from and fashion. Urbanears products are sold in more functionality. It became one an incident where one of headphones are the than 6 000 stores in 70 of Kickstarter’s most successful the founders by accident company’s best-known countries, including through projects in 2015. happened to see Phil Collins product, but it has also wholesalers like Colette, Le having an issue with his developed other kinds of Bon Marché, Selfridges and Founded: 2014 headphones in New York. electronics in cooperation Urban Outfitters. with the British company Founders: Founded: 2012 Marshall. The products are Founded: 2011 Hamid and Vahid Toosi sold in 20 000 stores in 95 Founders: markets. In 2015, three of Founder: Investment: Johan Gawell, Carl Zound Industries’ products Andreas Vural USD 1.5 million (2015) Sundqvist och Jonas were awarded the iF Design Wistrand Award, one of the world’s happyplugs.com pugsgear.com most prestigious. The same Investment: year the company secured an USD 1.5 million (2015) investment of USD 11 million. sudiosweden.com Founded: 2008 Founders: Andreas Enkvist, Erik Petersen, Kenneth Schönborg, Konrad Bergström, Markus Rudbäck, Niklas Bergh, Oscar Axhede and Vincent Skoglund. Investment: USD 11 million (2015) zoundindustries.com WhyThe main Stockholm creators is ofthe the leader Stockholm in Musictech Musictech scene 10 ” Swedish hardware designers Teenage Engineering have made a name for 02 themselves by building some of the most unique and creative musical gear on the market.” The Verge, 2015.8 Musical instruments, aids and equipment This hardware segment is comprised of physical instruments like keyboards, drums and guitars, as well as physical aids facilitating the production of music. Mind Music Labs Sensus Nord Keyboards Clavia TactSense Teenage Engineering Smart Guitar Product/business idea: Product/business idea: Product/business idea: Product/business idea: The company has developed The company manufactures Tactsense captures an The company was started by the world’s first smart guitar keyboard and drum products infrared video signal from the founder of the clothing which is able to wirelessly that are used by stars such the conductor’s hand and brand Acne and produces transmit, process and share as Prince, Pet Shop Boys and transform that into tactile synthesizers in a garage in music and data. This enables Madonna. impulses on to the musician’s Södermalm, Stockholm. The the user to perform, record body surface – helping best-known product is called and share performances Founded: 1983 visually impaired musicians OP-1. Teenage Engineering online. Behind the guitar are feel the movements of cooperates with Swedish Swedish and Italian artists Founders: the conductor.
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