The Retail Of Music Streaming Services
- Keshon Woods
- Oct 26, 2020
- 1 min read
[When thinking about what retail is, I’m sure music streaming doesn’t specifically come to mind. However, music streaming is one of the larger retail services on the market today.]
Over the years music streaming platforms such as Spotify, Apple Music, Soundcloud and Youtube have begun taking over. Early in the 2010’s streaming wasn’t very popular and the main online source that was used for music was Youtube. Over the years the success of streaming music online has grown significantly as the new independent wave of artists emerge.
Given that a lot of these artists have begun to realize how to correctly conduct business in the music industry they have begun earning a lot more money that they did before streaming.
The RIAA and the BPI recently reported that streaming companies made a revenue of around $9 billion dollars and of which the artists only receive on average 25% of the earnings that the platform makes. Although 25% of 9 billion sounds like a lot, it really isn't once it's divided amongst the many hands that it is owed to, including artists, writers, producers, engineers and more.
Since these reports there has been minor focus on this issue but streaming platforms starting with Spotify have begun to try and mend the relationship between them and artists. Whether this will happen is unknown But it is certain that streaming music is the new way to listen to music and it's continuously growing by the day.
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