Streaming services have saved the music industry

According to TechCrunch, 43% of all music revenues in 2017 fell to streaming services. Thus, for the third consecutive year the industry earns, and not a loss.

Streaming services have saved the music industry

In 2017, revenues from music sales reached 17.4 billion U.S. dollars, compared with 16 billion US dollars in 2016 – an annual growth of 8 percent. In particular, increased profits from streaming services to 39% and amounted to 7.4 billion U.S. dollars.

This growth allows to compensate for falling revenues from sales of physical albums and downloads in such venues as iTunes. They fell to 783 million dollars.

In addition, the United States became the most important market for streaming services in the world. The States account for 40% of the total revenue from music in the world. Through innovation and variety of services available in the United States, predicts that by 2025, the number of paid music subscribers will reach 90,1 million people – almost twice more than today.

In addition to the growth in numbers and metrics, there are other equally important changes in the music world:

  • The ease of use of streaming services has led to a decrease piracy by 50% in 2013 and to the discovery of more diverse genres and performers.
  • Playlists began to replace the usual prior albums. Users report that using them to listen to music more convenient.
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