According to the latest stats by the Recording Industry Association of America, music streaming now represents a whopping 79% of music industry revenue for the US. This is versus about a decade ago where in 2009, streaming accounted for just 5% (there weren’t many options back then) and where physical dominated the landscape with 59%.
Fast forward to today, physical now only accounts for 10% while streaming makes up 79% of the revenue. Digital downloads has also taken quite a massive hit from 2009 where it was 34%, but now it is only 8%.
According to RIAA Chairman and CEO Mitch Glazier, “Music isn’t transitioning to digital’ – it is leading a digital-first business. Today’s report reflects the prospect of a future in which creators have a path forward. But it also reveals how much farther we must go to assure a healthy music community in which all music is valued and creators are fairly compensated. We still have not realized the full value of music on all digital services.”