According to reports, the rise in music streaming has led to significant growth in music sales in the U.S. The registered revenue which grew at a rate of 16.5% has hit a level, last seen a decade ago as per the report.
Recorded music sales clocked at USD 8.7 billion returning to the revenue level seen in 2008. The gigantic growth is due to the growing popularity of online music streaming platforms such as Spotify, Apple Music, Tidal, Amazon Prime Music etc. The on-demand streaming, however, has proved to be a major blow to digital downloads on iTunes which crumbled 25%.
Cary Sherman, chairman of the Recording Industry Association of America, quoted,
“More than any other creative industry, music companies successfully transformed themselves ahead of the transition to streaming, all while forging stronger relationships with their most important partner: the artist.”