Last year, the music industry recorded its second year of growth due to global mass adoption of streaming. Streaming Services Saved The Music Industry

Online streaming explodes: Now music lovers can pay a monthly subscription to stream music wherever they are from the convenience of their mobile device (e.g.

Legitimate online downloads: The music industry scrambled to stem the flow of revenue and innovative companies stepped in by offering download services (e.g.

Industry chaos: Between 19, record label revenues fell 40% due to online piracy, which led to physical sales declines and record store closures.

The peer-to-peer file-sharing site allowed music lovers to illegally download songs for free from their computer.

Online piracy: In 1999, digital disruptor Napster changed that.

Physical stores: Until the late ‘90s, music lovers had to shop in brick-and-mortar stores to buy physical forms of music, such as CDs, cassettes and records.

Digital services have exploded as mainstream products that young shoppers have come to expect, and which now claim impressive chunks of retail revenue.įirst, a quick history of the evolution of music in retail:

Digital media services – for online access to music, TV and video – have evolved as powerful products in their own right, hypnotizing consumers with their convenience and cost effectiveness, and earning a spot in their hearts and wallets. As we have welcomed 2018, it’s the perfect time to meet the new face of retail.

Difference between itunes and spotify