Here’s Exactly How About 10 Career Changes In The Music Industry!

FADED4U January 26, 2021

Here’s Exactly How About 10 Career Changes In The Music Industry!

The music industry is probably the most exciting and fascinating in the world. It consists of independent artists to big corporations that earn revenue from producing, creating, directing, and composing new songs, prices, or organizing live concerts. From 2000 to 2014, the music industry had to overcome a huge obstacle called music piracy. But from 2015 to 2019, the industry managed to get back on its feet. In this article, I will take you on a tour of the statistics of the music industry of 2020.

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Music Industry Revenue/Followers Statistics

According to Toptal, for over two decades, the global music industry has struggled with growth due to the widespread practice of unsupervised piracy on the internet. Music sales saw a fall of revenues by 40 percent to the lowest revenue of $14.3 billion in 2014 since 1999. However, the tables have turned as the global music industry revenues increased to a staggering $20 billion in 2019.

The 2019 Year-End RIAA Music Revenues Report notes that music revenues in the US alone soared from $2.6 billion in 2008 to $9.7 billion in 2019. It is great to see how music streaming services played a pivotal role in this swift rise contributing to 91% of the US’s total revenues in 2019. Streaming services give the freedom of personalization of music to the user, and as it becomes more convenient gradually, users prefer actually to pay for it. According to the International Federation of the Phonographic Industry (IFPI) reports, streaming revenues alone grew at a 42% CAGR (compound annual growth rate, while the amount is only 9% CAGR for the whole recording industry.