Contrary to popular belief, the record industry is not going anywhere. And as it turns out, streaming music might be the driving force keeping it flourishing.
Midia Research released a new industry report, showing that in 2017, the music industry grew 8.5%. This substantial increase equates to $1.4 billion in added revenue over the previous year. When determining where this boost came from, all signs point to streaming services, which brought in 43% of all revenue across the industry.
Services including Spotify, Pandora, and YouTube are helping offset the decline in downloads and physical album purchases as consumers habits evolve to favor the growing digital world. At the same time, independent artists and labels are staking their claim on a good portion of the boom, accounting for $5.3 billion in revenues thanks to ease of distribution across digital channels, including Believe Digital’s Tunecore, CD Baby, and Bandcamp as well as the streaming services already mentioned.
It’s safe to say, the share of digital distribution and streaming will only increase in 2018, and we are totally here for it.