Online music services occupy 21% per cent of the market, says the US Record Industry Association

Source: Internet
Author: User
Keywords Revenue online music
Tags digital digital music market music service online online music record industry service

Online music services, which accounted for only 3% of America's Music market in 2007, now account for 21% of the market, the association says.

Without the efforts of companies such as Pandora, ITunes Radio, Rhapsody and Spotify, the US music market cannot remain around $7 billion trillion since 2009.

According to RIAA, the online music service last year's revenue reached 1.4 billion U.S. dollars, up 39% year-on-year.

In all digital music formats, paid subscription services such as Spotify, Rdio and Beats Music have grown at the fastest pace, reaching 628 million dollars in 2013, up 57% per cent year-on-year.

Revenue for permanent digital downloads, like itunes, has fallen by 1% to $2.8 billion.

That's why Apple has launched itunes Radio, the online version of itunes, to compete with companies like Pandora. It is reported that Apple is developing an independent application for the itunes Radio to further enhance its influence.

Here are some related charts:

Above is the U.S. music market's revenue changes: From 2010 onwards has been maintained at around 7 billion dollars.

This is the composition of 1.4 billion dollar revenue for online music services, including on-demand online services (green), on-demand services such as YouTube, Vevo, and paid subscription broadcast services (red), such as the Rhapsody and the paid version of Spotify And the copyright revenue obtained through the SoundExchange organization.

This is the proportion of online music services to the overall music market, which has grown rapidly from 3% in 2007 to 21% today.

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