Streaming is the engine of US music industry growth according to a report from the Digital Media Association (DiMA). DiMA represents the world’s leading streaming companies with members Amazon, Apple, Google, Pandora, Spotify and YouTube. The report is the result of research conducted by MIDiA Research published as the Streaming Forward Report.
According to the association, ‘After years of declining sales and waning fan enthusiasm, the rise of streaming has ushered in a new golden era for an industry that has benefited artists, songwriters, copyright owners, and fans alike. In 2019, streaming was the engine driving revenue growth in the US music industry for the fifth consecutive year.’
Key findings from the research
All-Time Market High – Paid subscriptions in the US alone are projected to reach $11.6 billion by 2026, and the recorded music market will be worth over $20 billion overall – an all-time industry peak.
Wider Audience Reach – In 2019, overall streaming revenues in the US increased by 21% over 2018 totals to $10.3 billion.
More Listeners Than Ever – By the end of 2019 there were 88 million paid-for streaming accounts in the US, translating to 99 million subscribers.
New Ways To Listen – 90% of smart speaker owners listen to music via their speakers on a weekly basis.
Facts from the report
- There were 1 Trillion streams in 2019
- 80% of US music industry revenue comes from streaming
- 71 million smart speaker users – quadrupled in 2 years
- 21% of US consumers listen to podcasts every month with 40% among music subscribers and smart speaker owners
- 90% of smart speaker owners listen to music
The Streaming Forward Report (43pp) which contains a wealth of statistics and articles is available here.
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