Paid Music Streaming Subscriptions Will Hit 235 Million by the End of 2018

The Digital Media and Entertainment team at Futuresource Consulting published its latest Music Market Report revealing that music streaming services continue its ascendance globally. With the number of paid streaming subscriptions on track to reach 235 million worldwide by the end of 2018, Futuresource Consulting forecasts a significant decrease in music file download and the sales of CD's, as streaming services continue to expand its music catalog and worldwide coverage, actually increasing overall revenues for the music industry.

The Recording Industry Association of America (RIAA) published its annual Year-End Sales & Shipments report for 2015 and the results show that digital music subscription services reached new all-time highs, generating more than $1 billion in revenues for the first time, and averaging nearly 11 million paid subscriptions for the year. Revenues from vinyl albums also increased and represented a record $416 million.