Spotify streaming hampers iTunes sales as UK music downloads decline
Sales of digital albums and singles fell for the first time in Britain over 2014, according to data from the Entertainment Retailers Association.
Apple Inc.
$169.02
13:09 24/04/24
Nasdaq 100
17,526.80
12:15 24/04/24
iTunes was hit as revenue from music downloads declined 15%, while subscription based streaming services, which provide access to unlimited music for a monthly fee, rose by 65%.
The British Phonographic Industry (BPI) said that Britons listened to twice as many songs via streaming services in 2014 compared to the year before, despite some high profile artists, including Taylor Swift, shunning the service.
Including downloaded songs and accounting for the declining use of CDs, this means that for the first time, people are listening to the majority of their music via digital formats.
Growth in streaming is expected to continue next year and following Apple’s acquisition of Beats, some have speculated that Apple may launch its own service.