Music Streaming Services Now Have More Subscribers Than Netflix…
Perhaps consumers can be taught? As the music for profit model has shifted substantially in the past two decades, consumers may finally be on board with subscription streaming services to pay out musicians.This article originally appeared on Digital Music News
According to a new report by respected music business analyst Midia, music streaming subscriptions have finally passed 100 million. Spotify took the lead with 43 million paid subscriptions, and Apple Music in a cool second place with 20.9 million. Deezer, Napster, and Tidal took the last slots at 6.9, 4.5, and 1 million respectively.
Apple and Spotify accounted for 64% of the entire subscriber base. At the end of 2016, total music subscriptions totaled 100.4 million.
At the end of 2015, music subscriptions reached 65.7 million. Midia explained the sudden surge in 2016.
“Revenues are growing, artist and songwriter discontent is on the wane and label business models are changing.”
Although music streaming is growing, there are still unresolved issues plaguing the industry, however, specifically with independent artists.
Image courtesy of Reyner Media