August 29, 2014

MUSIC INDUSTRY MONEY DOWN THE STREAM

We hear it everyday: The music industry is on the decline and it’s in danger of shutting down completely. When I first started hearing this I said “yeah yeah, we thought the same thing when cassette tapes came out.” After a while, the statistics started looking pretty scary though. Could it be possible? Could the music industry crash?! Well we know that illegal downloading changed everything and, with how accessible everything is, it’s tough to make anything more than a flash in the pan these days. On top of that, this “streaming” frenzy is at an all time high and is still rising! Who needs to buy music when we have Songza, Spotify, 8Tracks and Soundcloud, to name a few? Here’s the question though: Is the streaming craze going to be the end or new beginning for the music business? The truth, in a nutshell, is that download sales are down 6 percent from last year, which is about 80 million downloads. Sounds bad but the 118 billion streams actually brought in around 500 million dollars in revenue! Much more than the 80 million or so that was lost in downloads. Streaming services are also just getting warmed up, which means that we can expect more money to be directed to the music industry in the future and all you young hopefuls don’t have to give up on your dreams just yet!

#music #industry #streaming #downloading #millions #money #stateofthemusicindustry #text

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