Music Streaming Revenues Surpass Physical Format Sales
The days of physical music distribution are slowly coming to an end. According to RIAA mid-year statistics, music downloads and streaming services accounted for more than 70 percent of music industry revenues in the United States in the first half of 2015. Physical formats, e.g. CDs and LPs now account for less than 1 in 4 dollars earned by the U.S. recording industry.
However, it seems that music lovers haven't just moved on from physical formats but also from the general idea of "owning" music. Revenues from permanent downloads declined by 4 percent while streaming revenues soared by 23 percent. It appears as if downloads were only a transitional technology, needed as long as mobile networks weren't fast enough and mobile data plans not big enough to support streaming. Now that many consumers can stream music wherever and whenever they want, they no longer feel the need to buy their favorite music. As Matt Rosoff from Business Insider accurately put it: streaming is no longer the future of the music industry. It's the present.
- Market share of the largest music publishers worldwide from 2007 to 2016Market share of the largest music publishers worldwide from 2007 to 2016
- Streaming music subscribers worldwide 2010-2020Streaming music subscribers worldwide 2010-2020
- Entertainment retail sales revenue in the United Kingdom (UK) 2005-2016Entertainment retail sales revenue in the United Kingdom (UK) 2005-2016
- Recorded music market revenue worldwide 2005-2015Recorded music market revenue worldwide 2005-2015
- Album unit sales in the United Kingdom (UK) 2008-2016Album unit sales in the United Kingdom (UK) 2008-2016
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