Home Entertainment Why Digital Music Era Killing Industry Revenue (Part II)

Why Digital Music Era Killing Industry Revenue (Part II)

149
0
SHARE

Why Digital Music Era Killing Industry Revenue (Part I)

A report published by World Health Organization (WHO) revealed in 2015 about 1.1 million young people were at hearing risk due to rise of personal audio devices.

The US Centers of Disease Control and Prevention revealed in 2010 that more than 16 percent of Americans of 12 to 19 years of age had suffered significant hearing loss.

Good – These days you can store your music playlist in a cloud. Some of the service providers are like Spotify and Tidal. These have resulted with not buying CDs or vinyl albums and hence the environment as well as home is clean, less cluttered.

Bad – Even though it is good to see the environment is becoming free of such waste products like CDs and vinyl, but in terms of revenue the music industry is not performing comparatively well.

Nielsen Soundscan data reveals there were 209 billion on-demand music streams in the first half of 2016 and the music sales recorded last year in the US rose by 11.4 percent, resulting with revenue of $7.65 billion, which is a jump from $6.87 million in 2015.

The figure further reveals that the revenue was just about half compared to that in 1999 when the industry was most profitable. It was $14.6 billion then.