A post from Tech Crunch says that streaming music is now accounting for 47% of global recorded music revenue.
Of that 47% of revenue from subscriptions and audio streams, 37% is made up of paid streaming accounts while the remaining 10% is ad-supported streaming. Music streaming brought in $8.9 billion in 2018.
The same report also showed that 255 million listeners had paid music streaming subscriptions. Physical disc sales, on the other hand, have dropped by 10.1% in the past year, bringing in 24.7% of revenue. Digital downloads, performance rights, and synchronization revenue make up the remaining revenue sources.
North America made the largest jump in music revenue, with a 14% jump. Japan, the UK, Germany, and France rounded out the top 5 music markets.
The question now is will this happen with TV next. Almost half of cord cutters now exclusively stream TV and slowly streaming hours are growing. As more Americans cut the cord it is very likely that someday half of TV revenues will come from streaming just like what is happening with music.
Have you made the switch from physical music media to digital streaming? Let us know in the comments!
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