Online music streaming becomes industry’s biggest money maker

Convenience over Quality

Online streaming services like Spotify and Apple Music have overtaken CD and digital download sales to become the recording industry’s largest revenue source, according to IFPI’s Global Music Report 2018, released Tuesday. Rapid growth for streaming music services has helped the music industry post its third year of revenue growth, with total recorded music revenue rising 8.1 percent in 2017 to $17.3 billion. Streaming expanded by 41 percent, accounting for 38 percent of the industry’s revenue, up from 29 percent in 2016. Music sales fell by 40 percent over the 15 years ending in 2014 as music file-sharing services eroded CD sales, and revenues for 2017 were just 68.4 percent of the market’s 1999 peak.

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