Shazam boost music download sales by $300m annually
Who’s responsible for keeping the music industry afloat at the moment? Young hip things buying vinyl? TV shows featuring hot new bands? Or perhaps music discovery app, Shazam?
Well, it’s just been announced that Shazam increase download sales revenue by an astounding $300m each year. This means that, as Music Week and Digital Music News note, the platform is responsible for roughly 1 in 14 digital downloads. And that’s not taking into consideration the physical purchases they may influence.
The company’s executive, David Jones said of the news and Shazam’s growth: “It’s going to be double that every year. ”It’s certainly been double over the last several years.”
Shazam currently accounts for around 7% of the total $4.117 billion global income from digital downloads.
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