Well, this news shouldn’t really surprise anyone since streaming has been the goto option to listen to music for the past few years. A new report indicates that streaming now accounts for nearly half (47 percent) of global music revenue.
The report points to the significant 32.9 percent jump in paid streaming which brought streaming revenues to $8.9 million as the reason. This marks the fourth consecutive year of growth for the global music market and the highest rate of growth reported since the IFPI started tracking the market in 1997.
Those who pay for streaming account for 37 percent of the streaming market revenues while ad-supported steaming owns 10 percent of the share. The report found that by the end of the year there were 255 million users with paid subscription accounts.
As to be expected physical disc sales dropped 10.1 percent over the past year accounting for 24.7 percent of revenues. Vinyl, on the other hand, reported its 13th consecutive year of growth and accounts for a 3.6 share of the market.
Since surpassing CD sales back in 2015, streamings rise to the top has been a quick one. While this is good news for the industry, we can only wonder if that means the artist will see their royalties increase as a result of the streaming boom. That will remain to be seen, and we will be keeping an eye on that.
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