The revenues being generated from streaming music online are up by 40% in 2012. How people listen to music continues to change majorly and there continues to be a decline in the number of hard copies of music being sold.
Services such as Spotify and We7 are up majorly in the amount of revenue they are generating; this is mainly due to a major increase in the number of people using the services.
The increases in revenue now means that streaming services have become the fasting growing within the music industry. Music listeners now use streaming services such as Spotify more than they download music.
Industry experts still predict that there will be a major increase in the number of people downloading music in future years. Despite the major decline in the number of CDs being sold the sales of music are still predominantly based around hard copies.
Many record companies have hinted that they will move away from producing CDs in the next five years and that music will only be available through downloads.
Some artists have spoken out about their worries of illegal downloads and how this may impact the music industry.