Here's a look at some of the most important numbers:
- Digital Sales - down 13.3%
- CD Sales - down 21% compared to this time last year
- Interactive Streaming - up 35%
- Streaming Royalty Rate - up to $.005 from $.00375 last year
Albums continue to take a hit as well, with digital albums down by 14.2%. In fact, all genres of music posted a decline except for electronic music, which posted a modest 2.7% increase in sales.
The music business continues to evolve and the switch to streaming continues at an increased rate as consumers warm to having access to, rather than owning, music. With several new streaming services about to be introduced, it will be interesting to see if the trend accelerates even more.