Last year music streaming peaked as its reach around the world expands constantly to evolve and grow the international music industry.
The past decade has seen music business re-invigorated after piracy caused a major dip in revenues for artists and labels. Music streaming solved the crisis with easy, open and most importantly-legal access to millions of songs through a platform that still allowed musicians and their teams to make money.
Streaming has seen profits rise for the first time in years recently and has quickly become the primary source of music consumption. 2019 saw music streaming at it’s highest point yet. For example in the UK, music streaming has helped music reach its highest sales since 2006.
The Recording Industry Association of America (RIAA) have made an announcement showing just how giant streaming has become. In a tweet the RIAA report that in 2019 music streaming accounted for 80% of the recorded music market in the US.
The infographic includes a breakdown on how the music industry has massively transformed in the last decade. In 2010 music streaming accounted for 7% of US music consumption whilst physical copies remained the majority. Physical now represents just 9% of the market.
We should see a full report from the RIAA in the coming weeks revealing more about how 2019 looked for music.