Market research shows music streaming is booming
According to market research and UK surveys by Nielsen, music streaming is truly changing the landscape of the music industry.
Market research figures from UK surveys
Nielsen Music’s figures
for the start of this year showed that music streaming is booming in popularity, and the music industry is growing with it. Amidst previous concerns that streaming was killing the industry, the latest figures offer a reassuring view that the industry itself is simply evolving in response to new technologies.
According to the figures, streaming is rapidly becoming music’s leading format across the world. In 2016, surveys of the music industry industry tallied 561 million album-consumption units – a 3% increase over the previous year. Happily, this was the first time during this millennium that UK surveys have revealed the global industry gained over two consecutive years.
UK surveys show we love to stream
According to Nielsen’s market research figures from worldwide surveys, on-demand streaming was up by 39.2% from 2015, which managed to offset the 16.5% fall in CD sales. Drake, Adele and Beyoncé respectively were revealed as having the top three albums of the year across the world.
So what does this mean for the music industry? It means fewer CD sales and fewer earnings through actual albums and singles, as we stream or download music cheaply and quickly. It means that the most money to be made is within live tours, merchandise and advertising collaborations. So we may well have noticed a sharp increase in ticket prices and more and more adverts with our favourite music stars. I’m sure we can live with that.
However, if more artists follow in Taylor Swift’s footsteps the music industry landscape may well change again. Watch (and listen) to this space.
What do you think about the future of music? Will online album sales ever make up for the long-lost CD? Do you ever buy CDs, or do you download or stream all your music? Will we perhaps go full circle and vinyl will eventually come out on top? We’d love to hear your views. Get in touch via our Facebook page, and don’t forget earn extra income with paid UK surveys for cash at Opinion Outpost.