Streaming services bringing revenue to the music industry

The music industry is earning a lot more than usual, thanks to the new-age streaming services like Spotify, Apple Music.

Revenue was driven by the number of paid subscriptions exceeding 60 million for the first time. The streaming services accounted for 80 per cent of the revenue from the first half of 2019, Engadget reports.

However, artists aren't benefiting from this trend. Spotify pays six to eight-tenths of a cent per stream which is then divided among the rights holders and artist. With the rise of streaming services, sales of physical CDs is shrinking. Meanwhile, vinyl sales have been steady over the past decade.