Listening to music online accounts for 80% of the US music market
The Recording Industry Association of America (RIAA) has released some statistics about the change of the music industry, with the emergence of streaming music services.
According to Engadget, RIAA recorded streaming music accounting for 80% of the US music market, compared to 7% in 2010. The number of online subscribers increased by about 1.5 million in mid-2010 to about 61 million in the first half. 2019.
Reportedly, the streaming music industry in the US started to emerge when Spotify was present in the US in 2011, while Apple Music launched in 2014.
Besides, there are many other streaming music options such as Tidal, Pandora, YouTube Music, and Amazon Prime Music. About 81% of Americans now have a smartphone, compared with about 35% in 2010. Because using streaming services is much easier than buying digital albums or downloading MP3s on phones, the growth of smartphones has increased. Play an important role in the change of streaming.
In 2010, record sales accounted for 52% of the US music market and digital music sales were 38%. Currently, both are down to 9%. The market share of synchronized music (licensing music used in various storage media) has not changed in the past 9 years, at 3%. This change led artists to start shifting their business from selling music to subscription services like Spotify or Apple Music.