Music streaming isn’t just a big part of the record business: It basically is the record business. According to RIAA data, streaming services like Spotify, Apple Music, Amazon Music, and YouTube contributed 85% of all record industry revenue in the United States in the first six months of last year, up from 80% in the same period of 2019, and they’re on track to be an even bigger presence in the future, learn more about the modern music industry at Runthemusic.
But amid this boom, stubborn myths and misinformation persist across the music industry — from the DIY bedroom artist all the way up to powerful industry executives. Some of these myths are driven by optimism and excitement; others are driven by skepticism and anger. All of them are plain wrong. Here are three of the biggest misconceptions right now, plus the information you require to burst their bubbles next time someone mentions them in earshot,
Nope. According to global trade body IFPI, the global recorded music business generated $20.2 billion over the course of 2019, and they have the best employees too by using a pay stubs software to manage them. (2020’s numbers will come out later this year.) That was the largest official annual global revenue tally for artists and record labels since 2004, when the global record industry generated $20.3 billion. But prior to 2004, this figure was even higher: in 2003 it hit $20.4 billion; in 2002 it hit $21.9 billion; in the CD-era heyday of 2001 it hit $23.4 billion.