Music Industry Streaming Comeback
The music industry is finally making a comeback; thanks to the growing number of streaming paid subscriptions.
19:33 01 October 2018
Music streaming is finally getting the attention and funding it needs to soar. After 15 years of being the last industry that anyone wanted to invest in, the money is now flowing from all possible sources to buy the rights to popular songs.
The growing interest is buoyed by the fact that paid streaming subscriptions get mainstream adoption, which has attracted the biggest names in the industry, including Deezer, YouTube Music, Amazon Music, Pandora, and Apple Music.
Based on recent US figures, there are currently 51 million people who are paying for their music subscription and that the music industry in the country has grown by 8per cent last year.
Last year, the revenue from streaming services has, for the first time, overtaken the revenue from traditional album sales and song downloads. Based on how the industry is behaving, Goldman Sachs media sector analyst Lisa Yang predicted that by 2030, the global music industry would reach $41 billion in market size as the global streaming market multiplies in size to $34 billion.
This shift benefits not just the musicians and producers in the industry but the consumers as well. Paying as little as $5 per month, they are given a wide range of song choices, allowing them to explore more genres and discover more musicians who do not get the opportunity to be featured in traditional media.