Sony Music has revealed its financial figures for the final quarter of 2018 and confirmed that the company earned over $2 billion in streaming revenue last year.
Sony Music Entertainment (and various sub-labels associated with the company) saw an increase in revenue of 22.3% on the previous year when it made $1.7 billion from streaming.
The new figures also revealed that for the first nine months of 2018, streaming made up 53% of all recorded music revenue for the company, an increase of 44% in the previous fiscal year.
The statistics confirm that less and less people are downloading and buying physical music released by Sony Music however. The company's Q3 sales report shows that physical sales amounted to just $240.4 million, a 60.9% decrease on 2017. Digital downloads in that same period also decreased, in this case by 29.9% to $86.9 million.
Streaming platform SoundCloud recently revealed that it increased its global annual revenue to more than $100 million. Beatport CEO Robb McDaniels has recently spoken about how he feels music streaming will find its way into the DJ booth.
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