Remember when the Internet was first taking off, and there were illegal torrents of EVERYTHING, and it seemed like a matter of time before no one would have to pay for music, movies, and TV shows ever again?
Well, about that . . .
According to the Consumer Technology Association, Americans are expected to spend a combined $26 BILLION on music and video subscription services this year. That’s up from $20.4 billion last year, and nearly twice the amount spent in 2017.
Thanks to the success of Apple Music and Spotify, domestic music streaming revenue alone is expected to reach $8.4 billion this year. That’s a 33% increase over last year.
Together, music and video streaming services are projected to generate close to $32.3 billion in revenue in 2020.
As big as that number sounds, it’s NOTHING compared to how much we blow on video games, which are expected to generate $39 billion in revenue this year.