The Recording Industry Association of America (RIAA) just released a study that revealed the degree to which streaming has the upper hand in music revenue. It now accounts for 79 percent of the industry, having grown 13 percent in 2019 from $9.8 billion to $11.1 billion in retail value. Another promising sign was that revenue from paid subscription services grew 25 percent year-over-year, to $6.8 billion. Such subscription services now account for 61 percent of all U.S. revenue for recorded music. Continue reading RIAA Study Shows Growing Dominance of Streaming Services

The Recording Industry Association of America (RIAA)’s annual report revealed that, for the third year in a row, music revenue has been growing robustly. In 2018, music revenue enjoyed an 11.9 percent jump from 2017 for a total of $9.8 billion. The reason behind such growth, said the experts, is streaming services, which accounted for 75 percent of the revenue, equaling $7.4 billion. The RIAA also reported that sales of downloaded songs and albums have slumped significantly, below the sale of CDs and vinyl records. Continue reading RIAA Reports On the Rising Dominance of Streaming Music

Depending on who you believe, Apple is either ready to “completely terminate” iTunes music downloads in as little as two years — or has no plans at all to shut down this still-valuable source of revenue. Even as streaming gains dominance, music downloading still plays a lucrative role, say some. Sources deep inside Apple revealed discussions about the potential timetable for ending music download offerings, with a possibility of staggered shutdowns beginning in the U.S., U.K. and some European and Asian countries. Continue reading Apple May or May Not Put an End to iTunes Music Downloads

Apple reported a 38 percent increase in profits — which equals $10.7 billion — from a year ago. Revenue rocketed 33 percent to $49.6 billion, and the iPhone, the company’s biggest source of revenue and profit, jumped up 35 percent to 47.5 million units. Still, on hearing the news, Apple’s stock plummeted. Why? Investors and Wall Street analysts expected Apple to wildly exceed its projections. Instead, when stratospheric sales of iPhones and Apple Watches didn’t materialize, Apple fans and shareholders were disappointed. Continue reading Apple Stock Declines on News of 38 Percent Growth in Profits

Flipagram is a mobile storytelling app that allows users to create short slideshows (or “Flipagrams”) by stitching together video content, photos and music. The company has made a significant step towards becoming one of the first such apps to incorporate modern music in a major way by signing licensing deals with top record labels and landing an additional $70 million in funding. According to CEO Farhad Mohit, Flipagram has attracted 33 million active monthly users in its first year. Continue reading Flipagram Inks Music Deals, Raises $70M in Round B Funding

Technics announced it plans to launch Technics Tracks, a high-resolution music download service, in the U.K. and Germany starting in January. In addition to tens of thousands of 24-bit FLAC tracks, the service will also carry CD-quality tracks up to 16-bit/44.1kHz. All purchases will be stored in a cloud locker, available for download to multiple devices. The service, custom built by platform operator 7digital, will be accessible from Macs, PCs, and apps for Android and iOS. Continue reading Technics to Launch Hi-Res Music Download Service in Europe

Apple and Amazon, two of the world’s most successful retailers, find themselves struggling in today’s market to increase the sales of books, movies, music, and games because of a shift in consumer priorities. It seems that consumers no longer want to buy media; they want to rent it. The two companies can be considered largely responsible for creating the problem because they made it so easy to rent books and stream music that consumers didn’t feel the need to buy media anymore. Continue reading Consumers Transitioning from Purchasing to Renting Media