The U.S. music streaming market is expected to bloom this year
Music is a pleasure people nowadays rely on so as to calm and lighten their mood after a busy day. Some people find it a technique of increasing their concentration while performing a certain task. Currently, there are various genres of music available be it romantic, sad, soothing, lullaby, and others as per the choice of an individual according to one’s situation or mood.
In the United States, the rate of music consumption is booming at a faster pace owing to the addiction to music among the people. This year the United States music streaming market has shown 10% rise in the music business. It looks like the music industry doesn’t seem to be slowing down. According to the analysis carried out by the BuzzAngle Music, there have been around 10.8 Billion songs being sold every week. It has broken the forecast data of 10 Billion songs a year. The music listeners are increasing across the world owing the transformation or change in taste of the music industry over the decade.
The audio listeners have summed up very high and it can be seen through the rise in the subscription of the people in the various paid services such as AppleMusic, Tidal, and Spotify. The music lovers are ready to shell out from their pockets so as to enjoy good music be it anywhere and anytime. The rate of subscription has also soared up to 78.6% this year. There is no doubt the consumption of music by downloading the files in various formats, streams, and physical sales has escalated up from last year’s 6.5% to this year’s 9.9%.
Looking at the current status, the United States music streaming market has its revenue doubling this year looking at the unlimited online demand and music concert freaks. The bottom line here is that no matter how long the music industry’s growth must have been stagnated but from this year the market seems to be only propelling sky high.
The hardcore music fans have fevered up to 20% even though the historic music lovers haven’t shown much of a rise. Hence, it looks like it is the rebirth of the United States music industry this year.