Music Streaming Services Dominating Industry In US

By | Small Business

Music Streaming Services Dominating Industry In US image Digital downloads

Thanks to Apple’s iTunes Store paid music downloads have been dominating the digital music market for years, but now they are showing an accelerated weakness in the US. Music streaming services like Spotify have exploded in popularity, vinyl record sales have also become more popular.

Nielsen SoundScan from The Wall Street Journal has noted that streaming music grew by 54 percent in 2014, moving up from 106 billion songs in 2013 to 164 billion songs in 2014. Paying for full music albums via downloads declined by 9 percent in 2014, and individual songs had dropped by 12 percent. According to SoundScan, Americans bought 257 million albums in 2014, 106.5 million of those were digital downloads.

SoundScan has also tracked a resurrection of vinyl records in 2014, showing 9.2 million vinyl records sold, increasing its overall sales by 52 percent from 2013. This is the highest sales recorded for vinyl records since SoundScan began tracking music in 1991.

Apple has been attempting to improve its position in the music market due to the decline of digital music downloads. Some of their efforts have been through iTunes Radio, a music streaming service similar to Pandora, however its drive to get iTunes Store purchases and restricted availability to the US and Australia wasn’t well received. They moved onto Apple’s most recent pursuit which was the acquisition of Beats Music, which is a full-fledged subscription based service.

According to MacRumors, recent reports show that Apple will be revamping Beats early this year which could lead to an integration of the music streaming service into iOS and iTunes.

This article was syndicated from Business 2 Community: Music Streaming Services Dominating Industry In US

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