Music piracy and illegal downloading - not too long ago, these actions would've led many people to think that the internet would put an end to what we know as the music industry. This industry has undergone leaps of changes through the digital revolution. Due to these changes, the music industry has reinvented itself and entered into a new era of growth.
Around the year 2007, music streaming came in guns blazing. No more listening to countless advertisements on the radio or losing physical CD collections. Listen to your music where you want and when you want. In fact, the industry is undergoing exactly what the TV industry underwent with the rise of streaming services like Netflix.
Companies such as Spotify and Apple have found ingenious ways to transform a failing business model into a profitable recurring revenue model, much like the Software as a Service model. Streaming makes up 80% of the music industry’s revenue and Goldman Sachs estimated that paid streaming will generate 27 billion dollars by 2030.
Submitted March 01, 2020 at 03:30PM by StartupSapience https://ift.tt/39eWxWS
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