Answer: Streaming services

Questions:

• How do you listen to music today? 
• Do you pay for a music service? 
  • If so, would you consider this a need or a want? Explain.
• One music executive says the streaming services are too similar (e.g., Apple Music, Spotify). Do you agree/disagree?

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Behind the numbers (Quartz):

According to a new report yesterday (March 22) from the trade group the Recording Industry Association of America, US music revenue soared 17% from 2016 to 2017, to a total of $8.7 billion. Music-streaming platforms like Apple Music and Spotify have led that upswing, driving two-thirds of all revenue last year. Paid subscriptions alone rose 63%, comprising by far the largest chunk of the market, per the report (pdf). Last year marked the first time the industry saw double-digit growth in 20 years, and judging by this year’s report, the numbers for 2018 look decent, too.

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About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.