How streaming saved the music industry

Posted on Monday, March 02 2020 @ 10:06 CET by Thomas De Maesschalck
In the first decade of this millennium, music label suffered hard as piracy was rampant and CD sales collapsed. That's no longer the case, in 2019 music revenue totaled $11.1 billion in the US, up 13 percent year-over-year and the highest since 2006. CNN reports the savior here is music streaming:
Music streaming is in the middle of a boom. An industry that once relied on people buying physical products like vinyl records and CDs has transitioned to consumers listening to Lizzo's "Truth Hurts" via services like Spotify (SPOT).

"The music industry today is healthier than it's been in more than a decade," Josh Friedlander, the senior vice president of research at the Recording Industry Association of America, told CNN Business. "Revenues from streaming services are more than offsetting decreases in physical sales and digital downloads."
US sales are still below the 1999 peak though, which was $14.5 billion. However, they're almost double as much as the $6.7 billion low recorded in 2014.




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