How Streaming Has Made The Music Biz More Profitable Than Ever
According to a Billboard.com article published last week, music industry revenues are at the highest mark in a decade. This recovery comes after the free music download revolution at the start of the millennium has been somewhat regulated by streaming.
"For the second year in a row, the U.S. music industry produced double-digit growth, with total consumer spending on music growing to $8.72 billion, a 16.5 percent increase from the prior year of 2016, when those revenue reached almost $7.5 billion. That year, U.S music revenue had grown 11.5 percent from 2015â€™s $6.71 billion, according to the RIAA."According to Billboard, that type of year-to-year growth hasn't been seen since 1994. This revenue is driven by music streaming which accounted for about 65% of all revenue in 2017. This revelation comes a few months after the latest Nielsen Data Report showed that hip hop music had taken over rock music as the most profitable and consumed genre of music in the world. What this means for trap, hip hop and urban music is that the dominance will continue. Rap music is getting the entire industry back to the bag. Let us know what you think about the music industry rebounding financially in the comments below. Billboard Article