Streaming music rises, CD sales fall and Apple may rebrand Beats into improved streaming music service
Date: Thursday, March 19th, 2015, 13:39
Category: iTunes, iTunes Music Store, iTunes Radio, News
This may be behind the reason that Apple acquired Beats and its associated streaming music service last year.
As of now, revenue from music streaming is now overshadowing CD sales in the US, according to new data published by the Recording Industry Association of America on Thursday, signalling a sea-change in favor of services like Spotify, Pandora, and Beats Music.
Music streaming revenues from 2014 totaled US$1.87 billion, up 29 percent year-over-year, while CD sales fell 12.7 percent to US$1.85 billion, the RIAA said. The streaming category includes not just standard Internet radio but also Sirius XM, and music video sources such as Vevo and YouTube.
Downloads held the lion’s share of revenue at US$2.58 billion. That however is a decline of 8.7 percent from 2013, and indeed overall US music revenue dipped 0.5 percent to US$6.97 billion.