A Joybird study dives into music consumption
The streaming wars have been alive and well over the past couple of years. While many were beginning to cut their ties to cable, they were looking for streaming services that gave them the most bang for their buck. But TV and movies aren’t the only ones fighting to have a grip on America’s wallets, music streaming has its own war going on.
Some of the most popular music and podcast streaming services include Spotify, Apple Music, Tidal, Amazon Prime Music, Youtube Music, and Pandora. While each has their own features that entice customers, subscriptions to streaming services have increased over the past few years. A study put out by Joybird looked into music consumption and found that streaming subscriptions are at an all time high.
According to the graphic, it’s easy to see that subscriptions have increased each year. Shockingly, streaming subscriptions have nearly doubled since 2017, with subscriptions bringing in $8.92 billion in revenue in 2020.
However, with the rise of streaming comes the fall of digital downloads. Seeing the exact opposite impact of streaming, digital downloads only brought in less than a billion dollars in revenue in 2020. The decline has been steady since 2013 as well.
Overall, it’s clear that streaming is king between TV and movies.