Overall physical sales fell to $ 376 million. This is a 23 percent drop from year to year. This has led to millions of people losing their jobs and entertainment budgets in the midst of music store outlays, tour goers (not selling CDs on shows) and COVID-19 epidemic. And then, of course, there is a growing shift to streaming.
It should not come as a surprise that streaming subscriptions are up. For example, Spotify added 12 million premium subscribers over the course of six months, a total of 138 million global hits. Paid streaming subscribers in the US grew 24 percent to more than 72 million from the first half of 2019. Total streaming revenue increased 12 percent year-over-year to $ 4.8 billion.
Growth in ad-supported streaming revenue fell significantly from three percent year-over-year in the midst of declining ad revenue in many regions. Despite this, it speaks of the dominance of streaming in that revenue of ad-supported streaming ($ 421 million) exceeded physical sales and digital downloads ($ 351 million) during that period.
The report found that streaming accounted for 85 percent of music revenue in the first six months of the year, up from 79 percent of all in 2019.