Over the past few years, streaming services such as Spotify and Apple Music have revolutionized the way we listen to music. According to recent figures published by the Recording Industry Association of America (RIAA), streaming, both ad-supported and subscription-based, accounted for 75 percent of music industry revenues in the U.S. last year, dramatically up from less than 10 percent in 2010.
Interestingly, the streaming revolution hasn’t been the first complete shift in music consumption over the past 30 years. As the chart below illustrates, vinyl records, cassettes, CDs and downloads have all been the predominant form of music consumption at some point in the past three decades, with the compact disc’s reign particularly long and lucrative for the music industry.
After hitting a low point in 2014, the music industry started recovering: thanks to the steep increase in streaming subscriptions, 2018 marked the fourth consecutive year of growing music revenues.
Image sources: https://www.statista.com/chart/