According to Nielsen’s latest US Music report, the way we consume music in 2014 is looking both to the future and the past – with consumption of online streaming services and the purchase of vinyl records both massively up on last year.
For online streaming, people are using this a huge 42% more than they did last financial year. This is further divided by on-demand audio up 50% (with services like Spotify and Pandora becoming gaining more attention and traction around the world) and on-demand music video services up 35%.
Vinyl records were the surprise rise in in FY 13/14, with 2.9 million sold in FY 12/13, and a huge 4 million sold last financial year – this is an increase of a whopping 40.4%.
On the negative side, both digital albums (such as purchases from iTunes) and physical CDs were down last financial year. Digital album sales are down 11%, but CD sales continue to be the most rapid to fall, with 19% less sales than last year.
Nielsen Entertainment SVP David Bakula said more than 70 billion songs were streamed in the first six months of 2014.
“Streaming’s 42% year-over-year growth and vinyl LP’s 40% increase over last year’s record-setting pace shows interest in buying and consuming music continues to be robust, with two very distinct segments of the industry expanding substantially,” said Bakula.