Apple’s iTunes Set the Standard in the Music Industry, but Digital Sales Slow, Business and Industry Trends Analysis

The sale of downloadable music via the internet and smartphones has grown into an immense business, but it is facing daunting competition from internet-based music services like Pandora and Spotify, as well as from satellite-based radio service SiriusXM which acquired Pandora in 2019.  Nielsen reported that total album-equivalent consumption (which includes album, Track-Equivalent Albums (TEA) and on-demand audio/video Streaming Equivalent Albums (SEA)) sold in the U.S. grew from 678.1 million units during 2019 to 756.8 million in 2020.  However, total digital album consumption decreased 12.5% to 34.4 million units year over year.  On a global scale, total recorded music sales…

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