The death of compact discs and domination of streaming services

The first commercial compact disc (other wise know as a CD) was created in 1982. According to Statista, CD’s were at their peak in the 2000’s with a total of $943 million in sales, however since 2008 CD sales have dropped year-on-year 9.6 million dollars– a total of 80% in the past decade since the innovation of the smartphone and streaming services.

chartoftheday_12950_cd_sales_in_the_us_n.jpg

The first streaming service was Spotify which was founded in 2006 and laughed in both Europe and the US in 2008. Another music streaming service is ‘Apple Music’ which was created in 2015 and today these services and more have the highest music revenue in the United States, contributing 75 percent of total music revenue growth in 2018.

chartoftheday_8836_streaming_proportion_of_us_music_revenue_n.jpg

As Jennifer Holt states in Empires of Entertainment: Media Industries and the Politics of Deregulation, 1980-1996, ‘Convergence is not a new phenomenon, it is the very hallmark of modern media,’ (7). The shift from tradition ways of listening to music to streaming services is an example of media convergence, a shift from old to new, and creative innovation.

Sources:

https://www.riaa.com/wp-content/uploads/2019/02/RIAA-2018-Year-End-Music-Industry-Revenue-Report.pdf

https://www.statista.com/chart/12950/cd-sales-in-the-us/

Holt, Jennifer. Empires of Entertainment: Media Industries and the Politics of Deregulation, 1980-1996. Rutgers University Press, 2011.

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