May 15, 2017

The rise and rise of digital music


At the end of April, IFPI announced that the world’s recorded music market grew by 5.9% in 2016, which was the highest increase since IFPI began tracking the market in 1997.

IFPI’s figures show that streaming, which grew a whopping 60.4% is the reason for this growth. According to IFPI, there are now more than 100 million users of paid streaming music subscriptions globally.

Music streaming services make up the majority of all digital revenue and digital revenue as a whole now accounts for 50% of total recorded music revenues.

Though there’s something undeniably wonderful about the tangible experience of physical products, despite the recent resurgence in vinyl and cassette releases, physical formats, have continued to decline year and year. That said, physical products still account for 34% of total recorded music revenues.

Digital Music News reports that in general millennials listen to 75% more music than baby boomers. And of course, the preferred way for millennials to consume music is digitally. In fact, in an article published in AdWeek, it states that 72% of Spotify listeners are millennials. Jeff Rossi, Spotify business marketing global director, explains the reason for this is because “millennials' streaming habits are not as impacted by traditional peak consumption periods like prime time or drive time. They are connected all day from the moment they wake up."

As consumers, digital music means we're able to listen to music whenever and wherever we are all from the ease of our phones. So, how frequently do you listen to music? Or more, accurately, how many hours of music do you listen to each day? In the aforementioned Digital Music News article, a recent survey reported that millennials listen to about 3.1 hours of music listening daily, with baby boomers listening to approximately 1.77 hours.

How do you consume music? Streaming or download? Or are you still flying the flag for physical products?