The United States is enthralled with streaming music. So much so, that 2018 saw the highest dollar amount spent by consumers at $9.8B according to the Recording Industry Association of America (RIAA) and is a 12-percent jump from 2017.
Subscriptions to Spotify, Amazon and Apple Music rose to 50 million by the end of 2018 and the music industry as a whole saw streaming sales account for 75-percent of its revenue, according to the RIAA.
Mashable also released its findings from three major recording labels and found that Sony Music, Warner Music Group and Universal Music Group earned a combined $6.93B from streaming alone – that’s almost $800k per hour just from streaming services alone.
With technology improving each year, the growth of the music industry will continue to come from new products and the continued rise in streaming service subscriptions.
H/T EDM In A Soda