Using streaming services on a range of different technological devices has become a key part of everyday life for a huge number of people across the globe. It is the way that many of us choose to catch up on our favorite TV shows and the latest movies, while it is also a key approach for listening to the latest releases from the best artists out there today.
Now, new research has put a spotlight on the latter, providing a specific focus on the significant financial impact that hugely popular streaming services like Spotify are now having on the music industry in particular.
According to the Year-End 2019 Music Revenues Report from the Record Industry Association of America (RIAA), revenues in the US music industry grew to $11.1 billion in 2019 with much of that increase being linked to growth in the number of paid subscriptions to streaming services.
Total subscription revenues across the year reached $6.8 billion and were up 25 percent when compared to 2018. While total revenues generated from streaming music overall – subscription services, as well as ad-supported on-demand services, grew 19.9 percent to $8.8 billion in 2019.
Remarkably, the RIAA stated that streaming now accounts for almost 80 percent of all music revenues. Furthermore, it added that the streaming market in 2019 is now larger than the size of the entire US recorded music business in 2017.
New and classic artists thriving
Such figures clearly highlight the huge role that streaming now plays, as well as how it has also replaced other physical formats, as arguably the primary way that many people consume music.
In addition, while there may be an assumption that it is purely younger generations driving such trends, there is evidence to suggest that older audiences may also be joining the streaming revolution. For example, classic artists are hugely popular on platforms like Apple Music or Spotify, with the likes of Michael Jackson and Elvis Presley thriving in terms of listener numbers.
Research compiled by online betting provider Betway examines how Michael Jackson’s music continues to make significant sums years on from his death, while also finding that his songs had more than 13 million followers on Spotify. He was also ranked 101st in terms of monthly listeners with 21 million, a figure which puts him ahead of contemporary artists including Future.
Ups and downs
Like any part of the business world, the music industry has enjoyed a fair few ups and downs through the decades.
However, the new figures from the RIAA have clearly highlighted how streaming technology could be on the cusp of leading it to a brighter future. It will be fascinating to see how such trends develop across the months and years ahead.