According to recent studies, the music industry has been on the up and up as of late. In a report from Music Industry Blog, the revenues of the industry as seen as much as a $1.4 billion increase last year thanks to the growing popularity of streaming.
How Much The Industry Made Last Year
Looking at the numbers. The industry has found its way almost back to the $17.7 billion it made in 2008 with $17.4 billion in 2017. The decline came at the beginning of the streaming age when the industry didn’t know how to capitalize and make money off of the new way to listen to music.
Now with subscription music services making about 43% of the revenues, the music industry is now making money from a source they were once losing money too. Over the years the industry lost most of its money in the past to bootlegged CDs, illegal downloads, and then streaming.
The Future Of The Industry
I foresee more artists going independent in taking in more of the profit cutting out the middleman. As of now, it is still unclear how artists are getting paid from these streaming services. Unless an artist have an exclusive deal it’s been said they see little to no money from streams. With that said, I can see more artists taking the same route Drake, Future, Beyoncé, and a hand full of other artists have by obtaining exclusive deals.