According to a report from RIAA, the type of streaming has grown from 7% market share in 2010 to 80% in 2019, dominating the US music market after a decade.
The figures record the tremendous growth of streaming music. From 1.5 million paid subscribers in 2010 has increased to 61.1 million in 2019. In addition, coal discs seem to have been a powerful revival. Sales increased 9-fold, from $ 50 million in 2010 to 450 million in 2018. According to RIAA, the dominant artists of this decade, Adele, Taylor Swift and Drake, were chosen to hear the most.
The US music market has shifted from physical to streaming after a decade
The report clearly reflects the music listening trend of the American people. Back in 2010, physical formats like CDs and vinyl records accounted for 52% of the market, followed by digital download with 38%. However, until now, streaming officially crowned the king when controlling 80% of the music market. The other two traditional types are reduced to only 9% each.
This report coincides with the recent business results of music companies. The main source of income for the Big 3 group (the three largest recording companies in the world) now comes mainly from streaming. In the most recent fiscal quarter, they are estimated to earn nearly $ 23 million a day from royalties through streaming music. In particular, UMG accounts for about 11 million USD, Sony nearly 7 million and the remaining is Warner.
The number of subscribers paying music fees increased sharply from 1.5 million to 61.1 million
Music streaming services including Spotify, Apple Music, Youtube Music, Amazon Music HD, Tidal, etc. are also becoming more popular. More and more people are choosing streaming as their main form of music listening, while artists are also focusing on this distribution channel to bring products to the mass audience. Diverse in price, music store, sound quality, … streaming is satisfying the music needs of millions of people.