After the downfall of the music industry for two consecutive years, it is now finally ready to bounce back. With an 8.2% rise in the revenues of the music industry since last year, it has been observed that the transition in music has greatly affected the overall revenue of the music industry. In the beginning, music was only available to the people in the form of CDs or cassettes. Even the radios played a long list of songs once in a while, but, with time, everything started to become more available and digitized.
With the advent of PCs and mobiles, music became more accessible and easy to download among the younger generation. The real plot twist, however, was achieved when the internet came into the picture and conquered the entire industry in the blink of an eye. Since then, the music industry has never stopped growing and improvising. With better tools and better platforms, artists have been able to put out their content internationally, which is easily available to the people because of streaming services. The fluctuation of revenues in these eras could easily be seen in the infographic attached below.
The statistics show that the revenue generated by the music industry in 2019 is the same as the revenue which was previously achieved by the same music industry but around 18 years ago in 2001 when CDs were the true source of music. So what was different this time? Well, let us walk you through the times when tons of music apps were launched that required subscription from its users. That's right, Spotify being the top trending music application along with the similar apps are one of the major reasons which enabled the music industries to reach its destination.
Infographic by: Statista.com