First published on http://www.arcamax.com/
ne brutal truth emerges from Nielsen SoundScan’s report on trends in the music industry for the first half of 2014: Today’s consumers are far more interested in seeing and hearing pop music than buying it.
Album sales dropped nearly 15 percent compared with the same period last year, and overall music consumption, which combines sales and streaming activity, dropped 3.3 percent, according to figures released by the sales and streaming monitoring service.
But taken individually, on-demand streaming of music and videos showed a combined increase of 42 percent during the first half of this year, with video streaming up 35 percent and audio streaming jumping just over 50 percent compared with 2013.
“With on-demand streams surpassing 70 billion songs in the first six months of 2014, streaming continues to be an increasingly significant portion of the music industry,” Nielsen Entertainment senior vice president David Bakula said in a statement. “Streaming’s 42 percent year-over-year growth and vinyl LPs’ 40 percent increase over last year’s record-setting pace shows interest in buying and consuming music continues to be robust, with two very distinct segments of the industry expanding substantially.