The Evolution of the Music Industry

Music has always been an integral part of human culture, but the music industry had a massive shift at the beginning of the century.

While music sales in the 1900s were dominated by physical formats like vinyl records, cassettes, and CDs, the launch of the iTunes Music Store in 2003 kicked off the age, and later dominance, of the digital format.

Similarly, the 2000s kicked off the music piracy trend, which directly contributed to the declining sales of the industry as a whole. This persisted even as digital formats took over, but the introduction of streaming services in the last few years has helped revenue consistently grow year-over-year for the first time in decades.

Will it ever reach its peak of $22 billion in 1999 though?

That seems unlikely.

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DATA SOURCE: RIAA (Recording Industry Association of America)

*This project is part of my Advanced Excel Dashboard Design course