Thanks to a new report from Nielsen SoundScan we now know that 2014 proved to be yet another chaotic year for the music industry. Total sales of albums fell 11 percent to just 257 million albums sold in the US, while digital sales dropped 9 percent to 117.6 million. Vinyl sales grew 52 percent, but that only accounted for 9.2 million albums sold.
People keep buying less music, but that doesn't mean they're not paying for it. Online streaming grew 54 percent this year, with 164 billion songs streamed. Given the sheer number of ways people can stream music right now, and how cheap even the most expensive options are when compared to buying individual records, these numbers should come as no surprise. Still, it shows the wisdom of Apple looking to expand its reach in the music market beyond iTunes sales with the 2014 purchase of Beats.
Has the ability to stream anything you want for a flat rate changed how you consume music? Let us know in the comments.
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