3300+ Climbing Blog
Written by Rita Santos.
In the past few years the music industry has been suffering an unexpected loss of revenue. Over the last fifteen years there has been a massive decrease in revenue for the music business. In this time period there was a 9,5 billion USD loss, which has been worrying musicians and professionals of all fields of the music business all around the world.
This decrease is very significant, and unfortunately has been impacting smaller businesses such as record labels, concert venues and even specialized music marketing and advertisement companies, this has caused the companies to shut down due to a lack of income and several musicians had to find different occupations to sustain themselves.
When looking for causes for this phenomenon there was always one that has been considered the main reason, streaming. Having music available online, which gives the users easier and cheaper access to thousands of songs with only requiring a monthly subscription and access to the internet caused people to stop buying physical copies of CD, Vinyl, etc.
But there is something starting to happen in the industry. In 2016 the revenue generated for the music industry was substantially higher and the main responsible for this was streaming, with a strong revenue of 4.47 Billion USD worldwide. Also streaming is predicted to grow exponentially in the next two years, having the predicted revenue value of 16.42 Billion USD in 2020, almost three times more what it generated in 2017.
Research shows that the revenue for the music industry is expected to grow in the value of 3.02 Billion USD from 2018 to 2022, giving people in the music business hope for the next years to come.
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This is a blog following the students' work at 3300+ Climbing.