The biggest hits of the streaming music market

These companies operate in a massive and growing oligopolistic market.

Vikram Barhat 6 June, 2018 | 5:00PM
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There's plenty to take note of in the rapidly evolving music industry. YouTube launched a new music streaming service, Apple Music's subscription numbers blew past the 50 million mark, and Swedish streaming music giant Spotify made a highly-publicised public debut in April.

The industry itself passed a major milestone this year when for the first time music streaming numbers overtook physical sales. The exponential growth in streaming music services has brought about a remarkable recovery in global music sales that have now grown three years on the trot, clocking US$17.3 billion in revenue in 2017, an 8% jump from the previous year.

Subscription-based streaming revenue accounted for 38% of all recorded music, up 29% from the year before. In the United States, streaming music revenue grew 43% to US$5.7 billion in 2017, and now accounts for almost two-thirds.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar Rating
Alphabet Inc Class C2,398.69 USD0.73Rating Inc3,291.61 USD-0.45Rating
Apple Inc130.21 USD0.36Rating
Spotify Technology SA239.41 USD1.00Rating

About Author

Vikram Barhat

Vikram Barhat  Vikram Barhat is a Toronto-based financial writer specializing in investing, stock markets, personal finance and other areas of the financial services industry. He also writes for CNBC, BBC, The Globe and Mail, and Toronto Star.

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