Workweek September 22, 2022
INTRODUCTION: HEALTHCARE’S STREAMING MOMENT.
In the late 90’s, music industry sales were thriving. The rise of the CD had overtaken cassette players. Sales hit an all-time high of $21.5 billion.
But a fundamental shift – a chink in the armor – changed the game forever: the rise of the internet, mobile devices, and ultimately, music streaming.
Credit: Visual Capitalist. Source: https://www.visualcapitalist.com/music-industry-sales/
Over the next 15 years, music industry sales would experience a massive decline as better, consumer-friendly ways to consume audio emerged. Sales dropped to a low of $6.9B in 2015 and only recently recovered to the previous high set 20+ years ago.
(P.S. – this was a really cool recent graphic from Reddit on the growth of the music industry)...