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Remember those days when CD-ROM’s and even .mp3s were the source to listeners favorite music. Well those days have rapidly changed as streaming services such as Apple Music and Spotify are unsurprisingly dominating the U.S market. With the Recording Industry Association of America (RIAA) being fully transparent to their audience as they release statistics to end off 2019. They have announced that streaming services have taken over the U.S market by a giant 80%, which is a huge leap from data revealed from 2010.
Focusing on major changes within the music industry, the data shows physical copies taking over 52% of the U.S market in 2010. However, today physical copies have significantly dropped to 9% in 2019. While these numbers are definitely interesting, the real game changer comes down to streaming services in the U.S which have grew from 7% to 80% in just nine years.
As impressive as it sounds, Apple Music and Spotify have grown in the number of paid streaming subscriptions as they have increased from 1.5 million in 2010 to 61.1 million in 2019. While Spotify continues to personalize playlists according to an individual’s musical interests, nothing beats listening to a classic vinyl album. Surpassing $100 million in sales in 2010,the RIAA have shared that vinyl sales have sky rocketed close to $450 million in 2018. As new media platforms such as TikTok are transforming the industry by challenging Spotify and Apple Music with their very own steaming platform, it is safe to say the classic vinyl will always be relevant as the industry continues to evolve.
Over the course of the decade, streaming has surpassed both digital downloads and physical products ? , now accounting for 80% of the market. #RIAAMusicData pic.twitter.com/q04FeQBT5a
— RIAA (@RIAA) December 30, 2019
Image Credit: Fixelgraphy on Unsplash
