New figures are in from the US recorded industry for 2019–and they’re astonishing.
- Streaming accounted for nearly 80% of record industry revenues in America in 2019. That helped the overall recorded music market grow by 13%.
- The major labels are now bringing in US$1 million every hour from streaming.
- Streaming brought in more money than the entire recorded music market just two years earlier.
- Downloads? Not doing so well. They only generated 8% of all revenues, taking things to the lowest point since 2006 when the idea of digital purchases was still very new.
- 10% of revenues were generated by physical product like CDs and vinyl.
- By way of comparison, streaming only brought in 5% of revenues in 2009 while physical accounted for 59%
Still think streaming isn’t going to stick?
More analysis here.