In a world dominated by Snapchat and streaming, nobody would be scorned for wondering whether music and the audiovisual arts have become mere ephemera. If we look further, we might ask ourselves: as the influence of these platforms continues to grow, does it change the way we value and appreciate art? Does it matter? And, from a business perspective, how do these models impact the way media and tech companies transact?
The statistical trend today reveals that people prefer to stream music and pay monthly subscription fees rather than own music outright. Nielsen Music’s year-end report highlighted that 2016 saw streaming services overtake digital sales of music in the United States for the first time ever. Based on this consistent year-over-year growth, it appears that the music industry is poised for turnaround, with some lucrative years ahead.
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