More consumers than ever are streaming music
Posted on: Monday 18 April 2016
Consumers are tuning in to ad-based user upload services, but subscription services are bringing in the revenue.
Even more consumers are signing up to streaming music sites such as Spotify, Tidal and Google Play, with subscriptions to ad-free paid services booming, according to a report by the International Federation of the Phonographic Industry (IFPI).
IFPI has estimated that there are 68 million streaming music service subscribers as of the end of 2015, which is an increase of 45.2 per cent from the 41 million there were in 2014.
Despite the extreme growth seen in streaming services, ad-supported user upload services such as YouTube and SoundCloud are still seeing popularity, with the IFPI estimating that almost one billion people use these services worldwide.
In 2015, streaming services brought in about $2 billion (£1.4 billion), while ad-supported user upload services made revenues of approximately $630 million.
The Recording Industry Association of America estimates that streaming made up 34.3 per cent of US music industry revenues in 2015.
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