NEW YORK • Music-label honchos are listening to higher news as gross sales grew at a strong tempo final yr for a 3rd straight yr within the United States, with listeners flocking to streaming shops.
Analytical agency BuzzAngle Music mentioned consumption within the world’s largest market jumped 12.eight per cent, outpacing the four.2 per cent progress in 2016.
On-demand streaming companies led by Spotify are rapidly changing downloads on platforms similar to iTunes, which shook up the music business a era in the past.
BuzzAngle found that almost thrice as many songs have been streamed on a median 2017 day within the US – 1.67 billion – than the 563.7 million tracks that have been downloaded over your complete yr.
Audio streaming grew general by greater than 50 per cent final yr from the earlier yr. BuzzAngle mentioned 80 per cent of audio streams got here via subscription websites.
The progress displays a reversal of the lengthy rut in music gross sales following the rise of the Internet.
But many artists complain that they see little of the revenue. Wixen Music Publishing, which owns rights to songs by artists similar to Neil Young and The Doors, final week filed a swimsuit towards Spotify, saying the Swedish company failed to hunt correct licences to construct a listing of 30 million songs.
While gross sales of full albums saved dropping final yr, there was one large exception – vinyl, which posted a 20 per cent growth, maintaining the revival of the traditional format that has been embraced anew by hardcore followers and collectors.
Sales of cassettes – which have additionally found a renewed following, partially for kitsch enchantment – greater than doubled final yr.
But at fewer than 100,000 copies, the format stays tiny within the general market.