For the vast majority of users, online streaming is now the preferred method for viewing TV shows, movies, sports, and events, as well as listening to music. While the portion of music listeners turning to streaming to get their fix varies by country, global statistics point to one undeniable trend: the popularity of online music streaming is growing at an incredible rate.
Research shows that streaming increased from 7% of the U.S. music market’s revenues in 2010 to a whopping 80% in 2019. The numbers also point to jaw-dropping growth in revenues from music streaming services by nearly 20% in 2019 to $8.8 billion, accounting for the largest share of the music industry revenues at 79.5%. Here, “streaming” refers to a range of services, including ad-supported services like Vevo and YouTube, ad-supported tiers of services like Spotify, streaming radio services like Pandora and SiriusXM, and premium subscription services like Spotify Premium, Amazon Music, and Apple Music.
At an aggregate level, Goldman Sachs predicts that the value of the music streaming industry will rise to $28 billion by 2030. The data speaks for itself: not only are users more likely to consume music via online streaming, but they’re also willing to pay for it.
Currently, the top three players in music streaming include YouTube, Spotify and Apple Music. YouTube Music saw a 980% growth in the number of active users between 2017 and 2019. The tech giant reports that more than one billion music fans use their services for streaming music, while their YouTube Music and YouTube Premium services currently boast a combined 20 million subscribers. At the end of March 2020, Spotify reported 286 million monthly active users (including paid and free), and current estimates suggest that Apple Music has around 80 million paying subscribers.
While we’ve drastically changed the way that we consume music thanks to music streaming, this global shift hasn’t been immune to controversy. We all remember Taylor Swift’s three-year boycott of Spotify and her feud with Apple Music over royalties. And more recently, there’s a growing camp in the music industry that cannot agree on a valid system of verifying streams to count them toward music ranking charts.
Music streaming services have vowed to work more closely with the music industry and artists. However, as the landscape inevitably continues to evolve, we can’t be certain that there won’t be more controversies in the future.
Regardless of which streaming service you go with, there are tens of millions of songs waiting for you to explore. Cruise on over to one of the top-three streaming services: YouTube, Spotify or Apple Music for an abundance of artists, albums and playlists that you simply won’t be able to get enough of. Record all your favorites with Replay Music so that you can enjoy them whenever and from wherever you are!