With incredible artists, huge investment, and innovative steps from record companies, 2017, has proved to be a memorable year for the music industry. However, its the streaming services who are largely responsible for the reach, popularity, and growth of the industry.
The paid subscription streams in the US has witnessed a 54% growth over last year and summed up to 80% of all streams in 2017. Audio streams clocked an all-time high of 376.9 billion, a 50% increase over 2016’s number.
Vinyl sales also saw a good growth of 20% over the sales in 2016. Also, vinyl sales managed a 10% of all physical album sales which is up from 8% than that of 2016. The popularity of streaming has however resulted in a drastic fall in the number of downloads. With 1.67 billion streams per day, song downloads have significantly decreased. While only two songs could manage more than two million downloads, overall album and song sales continued to be on the lower side this year too.