Lucas Shaw, Bloomberg:
In 2016, U.S. music sales grew 11% to $7.7 billion, the Recording Industry Association of America said Thursday. That’s the biggest jump since 1998, when the industry sold almost six times as many CDs. Streaming, a category that includes Spotify, Pandora and YouTube, accounted for 51 percent, the first time it has contributed the majority of revenue.
Who would have thought that making media widely accessible in a clearly-articulated pricing structure disincentives illegitimate copying and downloads? Wild.
Unfortunately, very little of the $120 per year that many of us pay for these subscription services actually makes it into artists’ pockets. The industry may be doing better, but musicians are still dependent on multiple income streams, from gruelling tour schedules to merchandise sales.