Subscribers are driving music growth

Recent trends in the music industry clearly indicate towards the fact that streaming services are the key contributing drivers in the digital music market. Subscription based streaming services are gaining popularity due to the ease of operations that is involved. Apple Music, Spotify and other various other streaming services have more than 30 million subscribers in the US, with over 100 million subscribers worldwide as of last year. More than half of the revenue from the music industry is now coming from all the streaming platforms and the growth of the subscribers is exponentially moving upwards.

Streaming music is breaking free from the restrictions of our laptops and mobile phones. Also with the introduction of smart home speaker systems like Google Home and Amazon Echo, more people are adopting to these, for playing their playlists over streaming platforms, making the outlook of considering music like a periodic utility a more sensible source. These are being supported by the idea of cheaper family subscription plans as well.

The major reason why streaming services are increasingly being preferred by so many people as their ultimate source of listening to music is that they are able to access the songs of their favorite artist with having to worry about the storage space to keep their downloaded music and also not have to worry about the time it takes to get one song. They are simply creating playlists and listening to their preferred music on the go.