Follow-up article on \u2018Blockchain in the Music Industry: Signs of the New Paradigm?\u2019 (2019)Originally published in Paradigm blog.The pandemic affected many industries, and the music industry was no exception: retail store closures, tour cancellations, and venues closing their doors, and the list goes on. You simply couldn\u2019t just go out and buy a record at your local store. Live shows began to seem to be something supernatural, or tales of a long-forgotten time. Concerts which were previously one of the main sources of income for musicians are now almost nowhere to be seen (apart from e.g. a unique pair of the Flaming Lips gigs, where both the band and their audience were inside individual inflatable balls \u2014 as means of defending against the virus, which was one of the few exceptions that prove the trend).Astoundingly, even so, the industry manages to grow and thrive by finding other ways to survive.In 2020, in the USA, overall recorded music revenue increased by more than 9% to $12.2 billion [According to the RIAA\u2019s annual year-end report]. That growth was primarily sustained by more money coming from streaming services generating $10.1 billion in revenue in 2020 \u2014 up from $8.9 billion in 2019. 2020 marked the sixth consecutive year of this subsector growth that had previously struggled with declining revenues for 15 years.Of the major streaming platforms, expectedly Spotify and Apple Music were the biggest contributors, generating $7 billion in revenue. Concurrently, the average number of subscriptions in 2020 increased to 75.5 million \u2014 up from 60.4 million. [Check out \u2018The Best Online Music Streaming Services for 2021\u2019 by PC Magazine to compare the platforms].When you put all those numbers together, in the previous year, music streaming, both subscription-based and ad-supported, accounted for 83% of the industry\u2019s total revenue \u2014 up from just 7%\u2026<\/p>","protected":false},"excerpt":{"rendered":"
Follow-up article on \u2018Blockchain in the Music Industry: Signs of the New Paradigm?\u2019 (2019)Originally published in Paradigm blog.The pandemic affected many industries, and the music industry [\u2026]<\/span><\/p>","protected":false},"author":0,"featured_media":2796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/posts\/4072"}],"collection":[{"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/comments?post=4072"}],"version-history":[{"count":0,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/posts\/4072\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/media?parent=4072"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/categories?post=4072"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/tags?post=4072"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}