Before streaming became an integral part of our lives, the record industry was bracing itself for a decrease in overall sales. With the declining presence of physical copies and the rise of illegal downloading, labels didn’t know how the digital transition would affect their profit margins.
Music Business Worldwide reports that despite initial concerns, record labels are profiting in excess thanks to the streaming surge. More specifically, corporations like Universal and Sony are raking in over $500,000 per hour in streaming revenue. To put things in perspective, Universal has made over $1.4b from streaming services since January.
Post Malone is the #1 reason for Universal’s success in the first half of 2018, as he’s been dominating the streaming game and solidified himself as the label’s best-selling artist.
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