Nielsen’s mid-year music report has confirmed streaming’s continued dominance across the world.
Nielsen’s midyear music report has revealed that streaming is setting massive new benchmarks for worldwide music consumption.
As Forbes note, so far in 2017, on-demand audio streams topped 184 billion, up 62.4% over the same time period last year. When video streams are added to the equation, the total soars to 284 billion streams, an increase of 36.4% versus the first half of 2016.
The gains in streaming have been more than enough to offset the continued decline of physical and digital sales: overall audio consumption has grown 8.9% despite a 17% dip in physical and a 19.9% drop in digital.
“The first half of 2017 has seen some incredible new benchmarks for the music industry,” said David Bakula, Nielsen’s SVP of Music Industry Insights, in a statement. “The rapid adoption of streaming platforms by consumers has generated engagement with music on a scale that we’ve never seen before.”
As streaming continues to dominate, album sales have dropped more than 18% (downloads and physical combined).
Vinyl, on the other hand, continues to kill it, with sales continuing to rise – they’re up 2% in the first half of 2017 from 6.22 million 6.36 million.
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These figures comes after streaming was announced as the #1 source of revenue for records labels.