Spotify might have its problems, but it seems that online streaming is growing at an astonishing clip.
As The Guardian report, use of streaming services has increased by a gargantuan 700% in the last twelve months in the UK. According to Universal Music’s UK & Ireland chief David Joseph, in excess of 7.5bn tracks were streamed last year in Britain. For perspective, the total number of streams in 2011 was 1.1bn. In terms of actual UK sales figures, 68m albums and 147m singles have been sold this year.
The figures include a host of different services: Spotify is clearly the market leader, but sites like last.fm and Deezer have also contributed to the increase. One service not included is YouTube, which is estimated to be responsible for 250bn song streams across 2012. Joseph also pointed out that, despite a tumultuous year, the international music market is set to grow by 0.8% in 2014 – no doubt a source of optimism for trembling suits across the globe.
Spotify has just been valued at $3bn dollars – impressive, but shy of its $5bn target. Apple, meanwhile, are about to muscle into the streaming market, whereas Google recently caused some contention with their Google Play service.