Music streaming to rule globally this year: Report

Music streaming is the new age entertainment and thanks to the aggressive market, customers are spoilt for choice between various services. Given the popularity and swift adoption, music streaming is poised for global domination.

The International Federation of the Phonographic Industry, or IFPI, estimates that streaming music, especially paid subscriptions, lifted worldwide revenue 9.7 per cent to USD 19.1 billion in 2018, Cnet reports.

Out of this, streaming surged 34 per cent to more than USD 8.93 billion and making up for 47 per cent of all of the world's revenue for recorded music, while paid subscriptions accounted for 32.9 per cent of the global revenue.

At this rate, streaming is poised to become the world's dominant way of listening to music by sales this year. The meteoric popularity and the trend of streaming music has overtaken digital downloads as the music industry's main business model in just a few years.