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The music industry was in crisis just a few years ago. Sales were cut in half from their peak as single downloads, YouTube and piracy made the CD album go virtually extinct. But music has found its white knight: streaming.
Last year, recorded music revenues in the United States went up by 13% to $11.1 billion — the highest level since 2006. That persuaded Warner Music Group and Universal Music Group, two of the biggest music companies that represent stars like Bruno Mars and Taylor Swift, to announce plans to go public.
Music streaming is in the middle of a boom. An industry that once relied on people buying physical products like vinyl records and CDs has transitioned to consumers listening to Lizzo’s “Truth Hurts” via services like Spotify (SPOT).
“The music industry today is healthier than it’s been in more than a decade,” Josh Friedlander, the senior vice president of research at the Recording Industry Association of America, told CNN Business. “Revenues from streaming services are more than offsetting decreases in physical sales and digital downloads.” Read More