Written by: Roshan Dwivedi
According to a recent study, paid and ad-supported music streaming services now account for nearly half of all global music revenue.
The 2018 financial year witnessed a 10% rise in the global music sales from 2017, leading to the overall revenue of $19.1 billion, out of which audio streaming holds 47%. The revenue from music downloads collapsed 21.2% from the previous year’s stats to just 7.7% of the market in 2018.
Mainly, the big streaming players including Spotify, Google Play Music, Apple Music, Amazon Music, and Deezer have contributed the most to global music revenue and have developed a potential market around the music streaming services worldwide.