First published on http://www.forbes.com/
Nielsen SoundScan and Nielsen BDS released the annual Mid-Year Music Industry Report for 2014 late last week, and the results revealed the acceleration a trend this publication has long been predicting: the demise of the digital download.
According to the report, digital track sales dipped from 682.2 million in the first half of 2013 to 593.6 million in this year’s first six months, a 13% drop. Overall album sales sank from 210.2 million to 180.2 million over the same period, down 14.3%.
The decline goes hand-in-hand with the rise of streaming, which is up 42% year-over-year; on-demand streams topped 70 billion in the U.S. alone. That serves as more than a silver lining for those involved in the business.
“Streaming continues to be an increasingly significant portion of the music industry,” said David Bakula, SVP Nielsen Entertainment, in a statement. “Streaming’s 42% year-over-year growth … shows interest in buying and consuming music continues to be robust.”