In addition to the music industry experienced a decrease in market share, today’s users prefer to listen to songs streaming rather than downloading them to their respective devices.
Video streaming services for the past few years are one reason why users run away from conventional TV services. This is because users can watch entertainment wherever and whenever they want.
One more conventional service that has to experience user crushing, and even revenue, takes place in the music industry. The Recording Industry Association of the United States reports that throughout 2019 the physical music industry has surrendered from digital music services, especially streaming services.
RIAA noted that streaming music revenue currently represents a 79% market share of the music industry. The value they got last year reached USD8.8 billion.
RIAA also reported that currently there are 60.4 million customers who pay for services such as Apple Music and Spotify, representing 61% of the entire industry. This market share increased by 6% compared to the previous year.