Greater than 30 million individuals pay for music subscriptions within the US, in line with the newest figures launched by the Recording Business Affiliation of America (RIAA) for the primary half of 2017. Paid streaming subscriptions have elevated to 30.four million within the US, up from 20.2 million in the course of the first half of 2016.
Income from paid streaming has additionally grown considerably in 2017, reaching $1.49 billion in comparison with $995 million this time final yr. Paid subscriptions are led by the expansion of providers like Spotify and Apple Music, in addition to the expansion of Amazon’s streaming service.
A brand new subsection of streaming music, often known as restricted tier paid subscriptions, is making noise as properly. These providers, like Amazon’s Echo-only $four a month streaming service and Pandora’s $5 a month choice, both don’t supply full catalogs or are solely obtainable on a single system.
Restricted tier paid subscriptions grew 213 % from final yr, pulling in $225 million within the first a part of 2017. They almost caught as much as the income introduced in by ad-supported streaming providers like YouTube and Spotify’s free tier, which introduced in $273 million in the identical interval.
Barring any dramatic modifications earlier than the top of the yr, 2017 is on tempo to proceed the music business’s income progress. It’ll nonetheless be some time earlier than the business will attain the degrees it was at within the late ‘90s, but when the expansion of paid streaming continues like many anticipate it is going to, it gained’t be for much longer. The latest report from Goldman Sachs expects the music business to succeed in $41 billion in income by 2030.
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