The Music Industry Has Finally Bounced Back

Posted: Sep 20 2016, 12:39pm CDT | by , in Latest Celebrity News


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The Music Industry Has Finally Bounced Back
Photo Credit: Getty Images

Many people thought that when the music business peaked in 1999, it would never be able to come back. It started tumbling when the internet came around, but now music sales are up in 2016 to $3.4 billion. This is the best performance since the height of the CD era.

That boom was fueled by the growth of paid subscription services including Apple Music with 17 million worldwide subscribers and Sportify with 40 million global subscriptions.

Digital downloads via stores like iTunes are falling behind, dropping to $1 billion. Some people still buy CDs too, though they only make up about 20% of US sales.

So that means everything is going well within the music industry, right?

Maybe not yet, according to Cary Sherman who runs the RIAA, the labels' American Trade Group. He wrote on Medium, complaining about one place where we all do go for music: YouTube. Apparently, they don't pay enough for all of the music it streams. In fact, most of it is free.

There are some worries that the next year won't be as great. Crossover successes like Adele and Taylor Swift won't have albums coming out to help bolster sales.

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<a href="/latest_stories/all/all/46" rel="author">Noel Diem</a>
Noel passion is to write about geek culture.




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