US streaming revenues overtake CD sales

The Financial Times reports:

Streaming music services such as Spotify have eclipsed CD sales and are closing in on digital downloads as the largest source of revenue in the music industry’s biggest market, according to new data from the Recording Industry Association of America.

There's more:

Downloads have been the US music industry’s largest source of digital revenue for a decade but they peaked in 2012 and have been in decline ever since. In 2014 download revenues fell 8.7 per cent to $2.58bn, equivalent to 37 per cent of total industry revenues.

“The music business continues to undergo a staggering transformation,” said Cary Sherman, chairman and chief executive of RIAA. “Record companies are now digital music firms, earning more than two-thirds of their revenues from a variety of digital formats.”

Changes.