Considering the music industry as a whole, subscription-based services and streaming play an especially vital role as they accounted for nearly 90 percent of the total digital music revenue in 2018. Some of the largest players in this industry are Pandora, Spotify, and Apple Music, each of which has a total reach of between 17 and 23 percent of the U.S. population. Another branch of this industry which is gaining popularity is podcasting. The U.S. is home to an estimated 73 million podcast listeners, and over half of the U.S. population older than the age of 12 has listened to a podcast at some point in their lives. Thanks to the mobility provided by smartphones and the aforementioned streaming platforms, consumers are streaming more often, and in more places, than ever before.
Television & Video Streaming
A variety of different video streaming platforms and services have experienced massive growth over the past few years: websites such as YouTube and Vimeo have focused on video hosting and sharing, while livestreaming platforms such as Twitch and Mixer aim to capture the livestreaming market. Subscription video-on-demand (SVoD) platforms such as Netflix, Hulu, and Amazon Prime Video have accumulated millions of monthly active users and provide access a variety of movies, tv shows, and live events at the click of a button. These services have become such a crucial part of the entertainment industry that they have begun to influence pop culture itself. Netflix original shows such as Stranger Things and Orange is the New Black have earned various awards, and garner their platforms massive levels of audience demand. With everything movies, to television shows, and even live news and sports offerings, these SVoD services are becoming a one-stop shop for entertainment, and younger audiences have been particularly quick to adopt the technology.