Posted February 20, 2019 16:37:07 Australia’s music and digital music industry is facing an existential threat from the growing popularity of streaming services.
The digital music market has been growing rapidly, reaching $20 billion in 2018, up from $6.7 billion in 2015, and the number of Australian-made music streams is set to reach 4.6 billion by 2021.
In recent months, Spotify and Apple Music have launched their own streaming services and are competing to offer the best music for the most money.
The major streaming services are also competing to get artists the most revenue from their streaming services, with both services aiming to grab at the most of what they can.
The question is: is the music business worth it in the long run?