The music industry has been receiving more revenue by constant streamings through apps like Apple Music and Spotify. To be exact, streaming makes up about 80 percent of the industries revenue.
Applications that allow people to stream music are making a revenue of $4.3 billion (Steele, A. 2019). Which is where most of the revenue is contributing from. More and more people are becoming premium members of Spotify or Apple Music and streaming the catchiest songs ranging from Drake, Lana Del Rey, Billie Eilish, Ariana Grande and so much more.
Music streaming apps are not the only factors contributing to increased revenue for the music industry. Gen Z and Millenials are taking it back to the 90s with trends of vinyl and CDs. CDs made a revenue of around $485 million in about six months and vinyls adding in about $224 million, according to The Verge’s article result (Alexander, J. 2019). I think that these numbers are exciting to see. It shows how popular trends become and how they can make a major difference in specific industries. There is also an art to listening to music through a record player or a CD player, it makes it seem more “aesthetic” as the kids now say. It allows the listener to appreciate and really feel the music. I believe this is important and the numbers will continue to grow because of how influential music can be!
Source:
https://www.wsj.com/articles/music-revenue-surges-on-streaming-subscription-growth-11567708974
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