Fives years ago, download sales represented more than 40% of the music industry’s revenue.
Last year, download sales accounted for just 11%.
According to a report on bgr.com, more people are turning to streaming services like Spotify and Apple music.
The change in how people listen to music came so quickly, more people bought music on CDs and vinyl in 2018 than they did via digital download.
The Recording Industry Association of America report noted that “Revenues from streaming music platforms grew 30% year-over-year to reach $7.4 billion, contributing 75% of total revenues for 2018, and accounting for virtually all the revenue growth for the year.”
The report also found that streaming services added more than 1 million new subscriptions on average each month in 2018.
Don’t let the title of the article fool you. CD sales slipped 34% in 2018 to $698 million. That’s the first time since 1986 that yearly CD revenue fell below $1 billion. Vinyl sales accounted for $420 million in sales. Total download sales in 2018 dropped almost 30% to just over $1 billion.