Streaming Now Accounts for 75% of Recorded Music Revenue
The Recording Industry Association of America released a report that details the 2018 growth for the music industry. Whilst it’s not surprising, it turns out streaming makes more money than physical CDs, digital downloads, and licensing deals combined.
Streaming includes all the streaming sites you know such as Spotify and Apple Music, it also includes factors such as radio broadcasts and video streaming services such as VEVO. The ‘streaming‘ category of recorded music has collected $3.4 billion dollars in 2018 so far, a total that amounts to 75 percent of overall revenue for the record industry.
Figure 2 displays the breakdown of streaming methods for the first half of the past 4 years. Whilst radio services has remained pretty consistent. Streaming revenue from both ads and subscription based services has increased dramatically. Just by viewing this chart, you can observe the obvious uptrend in streaming as the main method of music consumption. Streaming will continue growing until the next innovation is born.
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