There was a time not too long ago when the term “music streaming” held no meaning. Going to the store to buy a physical CD was the way of life. Then, there were days of dial up internet, in which it might have taken you an entire day to download a new song. Apple iPods soon ruled the world. And now, iTunes is facing an imminent death.
Times have changed. Streaming is the new norm — and TechCrunch reports the new way of listening has saved the music industry. In fact, 43 percent of all music revenues can be attributed to music streaming. The third consecutive year of growth has been marked down as 2017, all thanks to digital music consumption.
Overall, music revenues reached $17.4 billion in 2017, up from a reported $16 billion in 2016. Digital revenue specifically jumped 15 percent, which boosted sales up to $6.5 billion from $5.65 billion a year prior. Paid subscriptions grew a whopping 63 percent, boosting music sales from $2.5 billion in 2016 to $4 billion in 2017. All this, according to MIDiA Research.
More than ever, music fans want to stream music and they’re willing to pay for it. The ease of using streaming services has led to a decline in piracy. Plus, custom playlists are replacing albums. Trends like this can be attributed to the rise in music streaming.
As listening habits rapidly change, platforms like Spotify, Apple Music, Amazon Music Unlimited and more are able to meet needs more quickly than physical recordings like CDs, records, and even cassette tapes (which seem to be making a mild comeback).
Music streaming is the way of the future! Which platform do you use — and why?