While sales from conventional formats, such as CDs and digital downloads, have been steadily decreasing, the music industry as a whole remains financially sound. The rise of streaming services is making this possible. Read more on ENGADGET:
Last year, streaming generated more money in the US for the music business than all other forms of distribution for the first time ever, and that trend is continuing in spades. In the first half of 2017, the industry raked in just under $4 billion, up 17 percent over the same period last year, with 62 percent of that coming from streaming. If the trend continues, the industry should easily surpass the $7.7 billion it earned in 2016, which was already the best year for music since 2009.
These stats are from the Recording Industry Association of America (RIAA), an organization that has had a notoriously combative relationship with internet companies. Despite its objections (and continued demands for more money from YouTube and others), streaming generated $2.5 billion thanks to 30 million paid subscribers in the US.
Physical sales of music, surprisingly, are relatively flat, down just one percent. That’s thanks in part to vinyl sales that went up by three percent, and a drop in old-school CD sales of just three percent, because you still haven’t convinced your Mom to use Deezer yet.
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