The Economic Impact of Streaming Platforms and Social Media on the Music Industry

Egor Kubyshev

Over the past several decades the entertainment industry has been changing rapidly. With the rise of technology, internet speeds and mobile devices, it has become as easy to stream your favorite songs as with just a switch of a button on your phone. Streaming platforms such as Spotify or Apple Music have been steadily rising in revenue over the past decade with more and more users joining the platform year bay year. The rise of accessibility of digital streaming has opened doors for different sources of revenue for both independent artists and record labels, which has revolutionized the way we perceive music.