Interesting read on Billboard.com this week and a sign of the times. The shift in music consumer behavior from hard album sales to digital streaming is now official.
The writing has been on the wall for a long time and now the digital evolution is sweeping through the music industry like wildfire.
Record label executives need to reevaluate their business models and ways to monetize music. YouTube, Spotify and Apple Music need to pay artists more and keep better track of royalties and help negate piracy.
“Listeners streamed 208.9 billion songs (which translates to 139.2 million album units) between January and now (July 6), an increase of 58.7 percent. Of that 208.9 billion, 113.6 billion were audio-only, versus 95.3 billion video streams (defined as a music video view on YouTube, Vevo, Tidal and Apple Music — of which the latter two contribute a very small piece). It’s the first time audio has surpassed lower-paying video streams.” – Ed Christman – Billboard.com