There has been a great evolution in the way people consume music, from buying CDs to downloading songs to paying a monthly subscription for online music streaming services.
According to the Recording Industry Association of America, last year, for the first time, a major chunk of the music industry’s revenue was generated by streaming services.
Apple Music and Spotify, meanwhile showed continued growth.
Spotify reported more than 140 million active users as of June 2017 and 50 million of those were paid subscribers.
Apple music reportedly had 27 million paid subscribers as of June.
Streaming subscriptions doubled as a whole last year, bringing in a revenue of $7.7 billion, a 11.4% gain from 2015, according to RIAA data.Last year, there were an estimated 22.6 million subscribers which leaves a lot of scope for Apple Music, Spotify, Tidal, Pandora and Amazon Music to expand their subscriber base. Read More