One Media signals downturn as consumers clamber to streaming

One Media's music services suffered in 2015, with the company blaming the shift in consumer habits from downloading to streaming in a trading update on Friday, ahead of its final results.

The AIM-traded intellectual property and media rights owner said it was primarily due to unfavourable currency exchange rates, and the shift from the consumer digital downloading model to the streaming model.

Chairman and CEO Michael Infante, who had previously commented on the shift in consumer habits, said digital stores were realigning their content offering in line with the demographic they were pursuing.

"This turbulent time will affect our entire industry while the consumer adopts their preferred route to music consumption", he said.

"It is our belief that, as emerging digital markets - such as China, India and Russia - mature, new consumers for the group's content via the subscription model will provide growth", he added.

Infante said One Media was reactive enough to meet the changes required by the changing industry landscape.

The company's board said the firm remained profitable, comfortably cash resources and would continue its investment programme in line with the changing market.