RadioandMusic
| 21 Oct 2020
How Streaming Services Are Benefiting US Music Industry

MUMBAI: Since the concept of subscriptions for music services gained mass popularity in the United States, the music industry has seen some surprising results at the end of the first half of calendar year 2016. The adaptability of music services and expansion to smaller economies performed a vital role in ensuring so.

Compared to the similar period in 2015, the first half of 2016 helped the revenue rise by 8.1 per cent. The $10 monthly subscriptions has driven the industry to its best growth since 1990, when sales of CDs had reached its peak.

Apple Music, Spotify and Tidal lead the shift for the industry that averaged more than 18.3 million subscriptions, more than twice to the last year's stats.

The first half reports suggest that the industry will be dominated with streaming sales as it comprised 47 percent of the entire industry revenue, compared to downloads that dropped down by 17 per cent when compared to first half of 2015.

Sales from streaming music has provided the much necessary ray of hope for the music industry that had showed no signs of major improvement in the previous two decades. However, the latest development assure that the music industry does not have to rely on outside support for its survival.