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  Technology   In Other news  09 Sep 2019  Streaming services driving music industry revenue

Streaming services driving music industry revenue

ANI
Published : Sep 9, 2019, 7:32 am IST
Updated : Sep 9, 2019, 7:32 am IST

The streaming services accounted for 80 per cent of the revenue from the first half of 2019.

Revenue was driven by the number of paid subscriptions exceeding 60 million for the first time.
 Revenue was driven by the number of paid subscriptions exceeding 60 million for the first time.

The music industry is earning a lot more than usual, thanks to the new-age streaming services like Spotify, Apple Music.

Revenue was driven by the number of paid subscriptions exceeding 60 million for the first time. The streaming services accounted for 80 per cent of the revenue from the first half of 2019, Engadget reports.

 

However, artists aren't benefiting from this trend. Spotify pays six to eight-tenths of a cent per stream which is then divided among the rights holders and artist. With the rise of streaming services, sales of physical CDs is shrinking. Meanwhile, vinyl sales have been steady over the past decade.

Tags: music, streaming, apple music, spotify, revenue