Music streaming has become one of the most popular ways to consume music over the past decade. The music streaming industry has gone through many changes over the last 10 years, with numerous services rising and falling in popularity. In this article, we will look at the music streaming trends and statistics from 2010 to 2020, and discuss how the industry has evolved and what the future may hold.
At the beginning of the decade, music streaming was still in its infancy. Services such as Pandora, Spotify and Rhapsody were just beginning to gain traction, and digital downloads were still the most popular way to consume music. In the US alone, digital music downloads accounted for 70% of all music sales in 2010.
By 2015, music streaming had become the dominant form of music consumption. Digital downloads had fallen to just 30% of all music sales, while streaming music had grown to 44%. This shift was driven largely by the success of streaming services such as Apple Music and Spotify, which had gained millions of subscribers by this point.
Since then, the music streaming industry has continued to grow. In 2020, streaming music accounted for over 80% of all US music sales, and it is estimated that there are now over 500 million users of streaming services around the world. This growth has been aided by the expansion of streaming services into new markets, as well as the development of new technologies such as voice-activated streaming.
The rise of streaming music has also had a significant impact on the music industry. For example, it has drastically changed the way artists are compensated for their music. In the past, artists would receive royalties for each song sold. However, with streaming services, royalties are typically much lower, as they are based on the number of times a song is streamed. This has led to a decrease in revenue for many artists, which has led to calls for streaming services to pay higher rates to artists.
Furthermore, streaming services have also changed the way people discover music. Rather than relying on radio stations and record labels to promote new music, streaming services allow users to find new music through algorithms and curated playlists. This has resulted in an increase in the diversity of music being consumed, as users are no longer limited to the music that is being promoted by major labels.
Finally, streaming services have also had a positive impact on the environment. By eliminating the need for physical media, streaming services have significantly reduced the amount of waste produced by the music industry.
Overall, the past decade has seen a dramatic shift in the way people consume music. Streaming services have changed the way people discover and consume music, and have had a significant impact on the music industry. As streaming services continue to evolve, it will be interesting to see how the music industry continues to evolve over the coming years.
Sources: Statista, Deloitte Insights