![]() ![]() Wireless high speed internet networks had to built, technology with smartphones and headphones had to improve, new music streaming services needed to be adopted by millions of people, and record companies had to license music to them. Miller said that a lot of things had to occur to make that “celestial jukebox” a reality. “Even in the 1990s we dreamed about a ‘celestial jukebox’ in which all the music would be available to everyone, everywhere,” Miller told CNN Business. The format’s surge in popularity makes sense since people love taking their music with them and streaming gives consumers access to pretty much all the music they would ever want, according to Larry Miller, the director of the music business program at NYU Steinhardt. (AAPL) has surpassed 60 million Music subscribers. (AMZN) Music subscribers soared 50% year over year to 55 million worldwide and Apple ![]() ![]() (SPOT) said earlier this month that it has 124 million paid subscribers - a jump of 30% over last year. In 2019, that number had grown to roughly 80%, according to the RIAA.Īnd music streaming services don’t appear to be slowing down anytime soon. Music streaming - which includes paid streaming, ad-supported streaming and streaming radio - represented about 5% of the music industry’s revenues in the US in 2009. Music downloads via iTunes and others had been growing for a decade, but that wasn’t nearly enough to make up the ground loss by the erosion of consumers buying physical media.Īfter years of declines, the music industry began to rebound around 2016 thanks in large part to music streaming. Most of that was thanks to CDs, which accounted for roughly 89% of that number, according to the Recording Industry Association of America.Īt the industry’s low point in 2014, the music sales only brought in $6.7 billion domestically. In 1999, the music industry was at its peak, bringing in more than $14.5 billion in domestic revenue. “Revenues from streaming services are more than offsetting decreases in physical sales and digital downloads.”įriedlander added “it’s hard to overstate the impact streaming music has had on the music industry.” “The music industry today is healthier than it’s been in more than a decade,” Josh Friedlander, the senior vice president of research at the Recording Industry Association of America, told CNN Business. An industry that once relied on people buying physical products like vinyl records and CDs has transitioned to consumers listening to Lizzo’s “Truth Hurts” via services like Spotify Music streaming is in the middle of a boom. That persuaded Warner Music Group and Universal Music Group, two of the biggest music companies that represent stars like Bruno Mars and Taylor Swift, to announce plans to go public. Last year, recorded music revenues in the United States went up by 13% to $11.1 billion - the highest level since 2006. But music has found its white knight: streaming. Sales were cut in half from their peak as single downloads, YouTube and piracy made the CD album go virtually extinct. The music industry was in crisis just a few years ago. ![]()
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