10 years ago, on October 7, 2008, Spotify launched its music streaming service
in parts of Europe, marking the birth hour of what is now the most popular way of consuming music.
As the following chart illustrates, the music landscape looked radically different in 2007 than it did last year. Back then, physical formats, predominantly CDs, accounted for nearly 80 percent of global music revenues, streaming was still in its infancy and even digital downloads had yet to reach their prime.
According to IFPI
, streaming accounted for nearly 40 percent of global music revenues last year (and even more in the U.S.
), making it the biggest source of income for the music industry by a significant margin. As market leaders Spotify and Apple Music continue to grow
, it is all but certain that streaming will dominate music consumption going forward, especially now that smart speakers are making music streaming at home more convenient than ever.