Published on April 2nd, 2017 | by AlexandreG.0
Streaming Music Is Fuelling Growth After Rapid Music Decline
There were worrying signs in the music scene over the past decade after record sales plummeted with the rise of online streaming services and devices such as MP3 players and the iPod destroying the need for physical music purchases.
However the tide has seemingly finally turned with an increase in music sales across the US last year reaching the industry’s highest figures since 2009. A massive $7.7 billion was made in retail revenue in 2016, up 11.4% from the year prior according to New York Times.
And the contributing factor? Online streaming services such as Spotify and Apple Music are quickly dominating the industry and contributed a massive $3.9 billion in 2016.
Although the music industry has seen their biggest increase in sales in the post-CD era, many inside the industry will be careful with rejoicing too early. Just like playing online slots games, it will continue to hit the jackpot like with a Videoslots Bonus 2017 or it could go belly up at any moment. Either way, the current trajectory of legal music purchases is seeing a strong strong.
The music still has some way to go to match the heyday of the late 90’s. The current sales figures remain half of what they were back in 1999 – the peak of the CD era – before illegal music steaming started to kick in.
But the signs are positive.