In the last decade, the music in streaming it has revolutionized the way we listen to and consume music. With the growing popularity of services like SpotifyApple Music and YouTube Musicthe way people access music has changed dramatically.
The real revolution music arrived when Youtube began to gain popularity and precisely this apps considered herself the leader since she did not have great opponents until she arrived Spotify shortly after.
Spotify allows users to listen to any song in its extensive catalog for free, with advertising, users who paid subscription monthly could hear ad-free music and download it for offline listening.
Since then, many services have sprung up, including Manzana Musictidal, Deezer and Youtube Music. Each of them offers different features and subscription models, but all have in common the ability to access a massive library of music online.
The business model of the music in streaming it has changed the way in which income is generated from this industry. Before, most of the income came from the sale of physical music and digital downloads. Now, most of the revenue comes from music services on streamingwhich pay artists for each reproduction of their music.
Due to the high demand in the number of subscriptions in services and platforms of streaming of, global music industry revenue rose 9 percent last year, according to the latest IFPI World Music Report. This marks the eighth consecutive year of growth for the industry, which had experienced declining revenue for the past decade.
He streaming accounted for 67 percent of global recorded music market revenue last year with 66 million people joining the trend of streaming. Music services amassed 589 million paying users globally by the end of 2022.
Subscriptions have increased steadily over the past few years and the number of people around the world with an account premium in music services in streaming it was eight million in 2010, surpassing 100 million in 2016 and almost quintupling five years later.
The constant growth of the music industry in streaming in recent years it has been impressive as it has gained popularity due to its convenience and affordability, it has become an important source of income for the music industry as paid subscriptions have been opted for and growth and evolution are expected continue for years to come. It is clear that the streaming it has changed the way people consume music, and it looks set to remain an integral part of the music industry for the foreseeable future.
Source link