The Decline Of The Music Industry – Infographic
Music is widely free on the Internet. In seconds, web surfers can access millions of song on YouTube or an unlimited live stream with digital services such as Spotify.
With smartphone apps, free music is even available to-go. So, with free all-you-can-stream services, have people stopped paying for music? The numbers say yes.
By 2016, record stores sales are projected to drop another 77.4%, according to The Wall Street Journal. Local music shops and large national chains will not fare well.
In 2011, digital music sales surged 8% globally, accounting for $5.2 billion in legal downloads. More people may be listening to music, but physical album sales will continue to decline.
Tune in to the infographic created by Total Bankruptcy for more trends in the digital music revolution.