What is the impact of streaming on the music industry in 2024?.

The impact of streaming on the music industry in 2024 is profound. Streaming services like Spotify, Apple Music, and Amazon Music dominate music consumption, accounting for over 80% of global music revenues. This shift has transformed traditional revenue models, focusing on pay-per-stream instead of album sales, leading to both opportunities and challenges for artists and labels. Additionally, streaming has democratized music distribution, allowing independent artists greater access to audiences worldwide while also intensifying competition. The rise of playlists and algorithm-driven recommendations has changed how listeners discover music, emphasizing the importance of digital presence for artists.