This year Apple announced that it would stop supporting the iTunes app and replace it with three separate apps: Apple Music, Apple TV and Apple Podcasts. All three of these apps will most certainly be centred around one thing – the streaming of content.
As streaming continues to grow and gain in popularity physical sales and digital downloads continue their downward slide. Paid streaming services have grown by 32.9% whilst physical revenues have shrunk by 10.1% and download revenue has also shrunk by 21.2%s as reported by IFPI. In addition streaming revenue now makes up 46.8% of global revenue.
This year’s report by global music industry body IFPI follows a now predictable trend that has seen physical sales (largely comprised of CDs) and digital downloads decline as streaming continues in its upward surge.
Some of us are lucky enough to have grown up or at least witnessed multiple different media platforms. Growing up in our household one could find cassette tapes and CDs and if one were to visit my maternal grandparents home then they would also find an antiquated collection of Vinyl records.
The change from then to now is striking and it remains to be seen what tomorrow has to bring. Only time will tell.