It’s safe to say that in 2016, streaming services killed it. According to data from the Recording Industry Association of America (RIAA), the annual income of streaming trumped that the peak annual revenue from digital music sales at the height of iTunes.
More than 750,000 tracks are being streamed on around the world every minute on Spotify alone. Still reckon streaming might not be here to stay?
Last year, streaming services like Apple Music, Pandora and Spotify all saw significant increases, with Spotify in particular showing some astounding figures in industry roundups for the year.
Towards the end of 2016, Spotify was hitting well over 750,000 streams per minute worldwide, which is just insane. And with reports of growth in early 2017, this figure should be hitting the 1 million mark pretty soon.
Spotify recently reported that they had hit 50 million subscribers worldwide, with roughly another 50 million people worldwide enjoying other services like Pandora and Apple Music (which saw some big growth in 2016).
If the figures from Spotify are anything to go by, then it wouldn’t be hard to imagine about 1.5 million songs being streamed worldwide every minute. Yeah.
It might interest you to know that in 2003, Steve Jobs said that the streaming service “model of buying music is bankrupt…I think you could make available the Second Coming in a subscription model and it might not be successful.”
Reckon he missed the mark on that one?