For the first time ever, streaming music is officially the biggest revenue stream for the music industry in the U.S. – generating a whopping $2.4 billion in 2015 and beating out digital downloads, according to a report from the RIAA.
RIAA CEO Cary Sherman wrote in a memo with the report:
“In 2015, digital music subscription services reached new all-time highs, generating more than $1 billion in revenues for the first time, and averaging nearly 11 million paid subscriptions for the year… Heading into 2016, the number of subscriptions swelled even higher — more than 13 million by the end of December — holding great promise for this year.”
This is not-so-hot news within the music industry, as streaming services like YouTube and Spotify are ultimately dominating the space, but revenue from digital downloading services are declining. People are listening, but they’re not buying.