Do you know how many individual digital music tracks have been purchased online? As of 2012, the number totaled a whopping 1.2 billion. And we’re talking about an industry that didn’t even exist as recently as 1999. Few other industries have ever experienced such rapid adoption and growth in such a short time. And the digital music industry is anything but standing still. Continued growth, increasing adoption by consumers, the introduction of more convenient digital music downloading and streaming services, and the integration of social media into the world of music are all contributing to continued changes in the music industry. In 2011, for instance, 80 percent of revenue from the digital music industry came from digital downloads.
But now, streaming music is making its mark in terms of revenues, generating $311 million in 2012–$8 million more than in 2011. Users are quickly realizing that they can pay one low subscription rate and listen to as much music as they want using streaming services, without the hassle of downloading and storing tracks on their own devices.