FYI Music News points us to this article from the people who are staging the second annual DASH Conference in Detroit, which is a gathering of broadcasters, electronics manufacturers and automakers:
Historically, we have moved from expensive Vinyl records to affordable cassettes, from loving cheap, convenient CD albums to worshipping mp3 files. The fact is music consumption has been and is going through a significant phase change—similar to when we abandoned the classic Kodak film for digital cameras in the 2000s—and its evolving trends continue to re-establish the basic structure of the music industry.Aside from the powerful iTunes, which revolutionized the way Americans buy their albums, internet radio services such as Pandora, Spotify, TuneIn, and Rdio have begun to own a significant part of the music consumer pie. As the third most popular way that Americans use to discover new music, Internet Radio has outrun even giant networks such as Amazon, YouTube, and Facebook, despite their larger and ever expanding ecosystems.
Each with its own unique services, internet radio startups swiftly compete with traditional radio stations not only in distributing popular music and audio content but also in serving local and national advertising messages to their users. Within nine years, Pandora has established itself as a major radio network with 77 million listeners and more than 9 percent of total U.S. radio listening as of May 2014. Similarly, Spotify and TuneIn are also taking over the streaming music market and growing their own empire of subscribed users and loyal listeners.