When digital music was first introduced, it made a lot of sense as it helped users save space from having to store physical mediums of music, such as CDs. Now fast forward to today, music streaming seems to be gaining in popularity and it looks like it is now the dominant source of music revenue.
This is according to data from IFPI in which based on their stats, they found that music streaming accounts for nearly half of global music revenue. From their findings, subscription-based audio streams make up 37% of global music revenue, followed by an additional 10% which is from ad-supported streams.
Interestingly enough, physical mediums still make up quite a huge chunk of revenue at 25%. This is followed by performance rights, downloads and other digital forms of media, and revenue from synchronization. The total amount of money made from music in 2018 was said to be $19.1 billion in which streaming apparently played a pretty big role in helping to achieve.
It could also been seen as a somewhat meteoric rise as it was only back in 2015 that streaming managed to surpass CD sales, and now it looks like it makes up half of it. We doubt that the physical medium can ever be killed off completely as some might prefer owning the album, not to mention there also seems to be a resurgence in the popularity of vinyl these days amongst collectors.
Global recorded music revenue growth was predominantly driven by a 32.9% rise in paid streaming, that now accounts for 37% of total revenue worldwide. Find out more in the #GlobalMusicReport https://t.co/ZvNxTne15C pic.twitter.com/zcoNAdDESq
— IFPI (@IFPI_org) April 2, 2019
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