Digital sales have also dropped by about 11% percent. Due to all retail stores closing down, no one is purchasing physical copies of music. These sales used to represent a quarter of recorded music revenues have been lowered by around one-third. The Effects of Coronavirus: How The Industry is Changing Streaming and Physical SalesĪs expected, physical sales have taken a huge hit amid the global pandemic. Streaming is now one of the biggest growing sections of music revenue. It also includes income from the music being licensed and used in music for movies, TV, video games, and advertising. Recorded music makes up the rest of the revenue and combines streaming, downloads, and physical sales of CDs. Live music income makes up 50% of music industry revenue and comes from ticket sales. These are live music performances and recorded music. The music industry is worth more than $50 billion and comprises two major income sources. The General Model and Structure of Music Industry Read on to find out the statistics of the Coronavirus impact and what changes are being made. Of course, some steps are being taken to monetize music in this new age, which is changing the future of music. As an estimation, around 10 billion dollars have been lost in sponsorships, with more being lost in the future, and the shutdown continues and a normal situation being nowhere in sight. One of the sectors most affected by this pandemic is the music industry. During the Coronavirus pandemic, many industries were hit very hard, and some are barely recovering.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |