BRIGHT KHUMALO: From streaming to podcasting, Spotify is ahead of the wave
It towers over its competitors with 271-million subscribers and now the platform sees the potential of podcasts
Eleven years ago on October 7 Spotify launched its music streaming services with just a euro and a dream. A year before that, music streaming was in its infancy, with about 1% of global music revenues, while CDs accounted for nearly 80% of global music revenues. CDs right; imagine me having to explain what a CD is to a child in the future!
Fast-forward to today. According to the April 2019 IFPI Music Report, music streaming accounted for about 40% of global music revenues and 65% in the US, up from less than 10% in 2011. Music streaming increased more than eight times between 2013 and 2018. Streaming on ad-supported (YouTube & Spotify) and subscription-based platforms (Apple Music & Spotify) now accounts for 65% of US music revenues. Bye-bye CDs and downloads.