Recently we had reported that the demand for listening to music on vinyl is growing once again. However, that doesn’t mean that the demand for digital music streaming is getting any less. It’s definitely growing and that too faster.
According to a recent report by the Music Industry Blog, music streaming on smart devices has seen a 39% surge since the past year.
However, it is not clear whether or not music streaming has overthrown the sales of regular music. As 9to5Mac pointed out, based on the source, while some opine that music streaming is garnering more returns, other say that’s not the case as of yet and recorded music is still earning more moolah.
On the other hand, music Industry Blog said that digital music streaming has brought in the music industry around $7.4 billion. It’s actually 39% more than the previous earning.
“Streaming has, unsurprisingly, been the driver of growth, growing revenues by 39% year-on-year, adding $2.1 billion to reach $7.4 billion, representing 43% of all revenues. The growth was comfortably larger than the $783 million / -10% that legacy formats (ie downloads and physical) collectively declined by,” mentioned the report.
So, maybe streaming has not yet overtaken the earnings of recorded music but it seems like it would do so in the next couple of years. As of now, music streaming services, such as Apple Music and Spotify are dominating the market.