Music consumption in the US has changed more rapidly than anyone expected.
Years back, acquiring music was more about buying it. Getting it in physical form was the norm. Tangible CDs on a CD rack in the house or in the car was the in-thing. And then came downloadable music which revolutionized everything; Until music streaming came along and totally changed the game.
Believe it or not, the shift from buying music to renting/streaming is happening faster than anyone predicted. And it’s set to continue.
Another study by MusicWatch even shows that streaming was more popular than listening to music on the radio.
You can peep the main music consumption stats from a chart by Statista. It shows the year-over-year pace as tracked by Nielsen who says audio streams shot up by 76%, while digital album and track sales both dipped by 20%.
Check out the chart below.