Physical sales have seen a rapid decline while streaming revenue steadily grows in the music industry.
“A musician’s composition crossed 5M views on YouTube whereas another’s reached 8M!” Why does no one talk about the number of vinyl’s or CD’s sold by the artist anymore? The current era, where the sales of cassettes and CDs are slumping and the reach of digital music is doubling its a time of a digital revolution. This puts forward a question, should the artists prefer the streaming platforms over physical music now?
Physical music purchases are decreasing gradually and the streaming platforms are now earning revenue which was previously not seen. Apart from this, the artists grow more today through the content they post online. An important factor that determines the medium to be used, is the audience that the artist serves.
People might sometimes feel nostalgic and decide to buy old classic vinyl, or they might be crazy over an artist and buy their physical music. But the vinyl culture has only seen a rise in sales for classic artists and far less for independent artists.
An artist making content for older age groups would still prefer the physical form whereas an artist serving the middle-aged group would prefer the other. Hence, looking at the statistics and streaming rate of the music online, 2020, and further years definitely look to push the growth of digital music.
References – Sonic Bids
- Popularity 7.0
- Inventiveness 4.0
- Engagement 6.0
- Human Centricity 4.0