US-based streaming revenues expected to hit $8.4 Billion in 2019
Streaming continues its surge
US-based streaming services are looking at huge revenues this year.
That’s according to a report by the Consumer Technology Association’s U.S. Consumer Technology Sales and Forecasts, which predicts a 33% jump in sales for US music streaming in 2019, despite signs of a streaming slowdown.
Specifically, the CTA indicated that “on-demand music services” like Spotify and Apple Music will cross the $8.4 billion mark this year, which comes alongside an increase in sales of smart speakers and mobile devices like smartwatches and wireless earbuds.
The forecast points to the viability of the subscription-based streaming model, which is seeing growth in other areas like video game streaming — up 25% from 2018 with a revenue of around $18 billion.
Overall, it seems consumers are adapting to streaming services quickly, especially with music. After all, streaming accounted for 75% of music industry revenue in 2018. However, because of the energy it uses, streaming is more wasteful than any other music format, according to a study by the University of Glasgow.
