Internet (almost) killed the Radio Star
On April 30th, 1993, the CERN made the World Wide Web protocols available on a royalty-free basis. Since then, the internet has led to modernized information and communication processes, becoming one of the driving forces in the Information Age. But the music industry wasn’t prepared for what was to come.
The revenues of the U.S. music industry peaked in 1999 at nearly $21,5 billion. In the same year, the file-sharing service Napster began to operate. Two years later, on October 23rd, 2001, Apple introduced the first iPod. The following years saw a steady decrease in revenues that lasted until 2014.
With music streaming becoming the major form of distribution and new players in the market, total revenues went up from $7,1 billion in 2014 to $11,1 billion in 2019.