A year ago we saw how digital subscriptions started to feel like the white knight of the music industry. Now we see how that trends continues.
In the IFPI 2014 Music Report, we can see that subscriptions increased by over 50% while most other formats shrunk. I found this quote by Sony’s CEO, Edgar Berger, like a great description of the current moment in the market:
“Music has always been at the forefront of the digital revolution, leading the way for other creative industries and defining the future of digital entertainment. Today music’s digital revolution is moving to the next phase as consumers embrace streaming and subscription models in markets around the world.”
The digital revolution comes from the likes of Spotify and Pandora, though.