Everyone knows that actually buying physical copies of music is a dying process. Whether you illegally download music or stream it, new methods of consumption have made buying CDs and even MP3s archaic. Shortly after the fall of the CD, the world felt that the music industry was sinking into a slump. Now however, Credit Suisse has just released some good news that implies the music industry is bouncing back in a big way.
In the report, Credit Suisse notes that revenue from paid streaming services will grow nearly six times from 2015 to 2020. This factor of growth is huge and solidifies streaming services as the future of music consumption for years to come. To conduct the study, Credit Suisse looked closely at both Sweden and Norway to predict the world market:
“Sweden and Norway offer a vision of the future of the music industry — these markets have high levels of broadband penetration; fast mobile data networks; and high smartphone penetration,” Credit Suisse writes. “All are conditions which exist in many other developed markets and we regard it as probably conservative to assume that penetration of paid streaming services in these countries will reach 25% by 2020.”
You can read the full report on Business Insider