Streaming now accounts for 80% of music business revenue, according to Mitch Glazier, Chairman, and CEO of RIAA.

Streaming now accounts for 80% of music business revenue, according to Mitch Glazier, Chairman, and CEO of RIAA.

The headline out of RIAA’s latest data on the music ecosystem is clear (and to anyone who’s ever had to separate teenagers and their earbuds, no great surprise) — the streaming economy continues to accelerate, strengthen, and mature. Everywhere you look, our industry’s embrace of new technologies approaches, and platforms is paying off for artists, fans, and everyone who loves great music.

Music revenues grew 18%, to $5.4 billion in the first half of 2019. Paid streaming services added more than 1 million new subscriptions a month, taking us past 60 million total paid subscriptions. Thanks to that breakneck growth, plus continued modest drops in digital downloads and new physical sales, streaming now generates 80% of music business revenues and has fundamentally reshaped how fans find, share, and listen to the songs and artists they love.

Read the whole story: https://medium.com/@RIAA/a-tech-forward-music-business-fuels-streaming-boom-572fbbc4bc71

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