Technology
Visualizing 40 Years of Music Industry Sales
40 Years of Music Industry Sales
The record industry has seen a lot of change over the years.
8-tracks took a short-lived run at the dominance of vinyl, cassettes faded away as compact discs took the world by storm, and through it all, the music industry saw its revenue continue to climb. That is, until it was digitally disrupted.
Looking back at four decades of U.S. music industry sales data is a fascinating exercise as it charts not only the rise and fall the record company profits, but seismic shifts in technology and consumer behavior as well.
The Long Fade Out
For people of a certain age group, early memories of acquiring new music are inexorably linked to piracy. Going to the store and purchasing a $20 disc wasn’t even a part of the thought process. Napster, the first widely used P2P service, figuratively skipped the needle off the record and ended years of impressive profitability in the recording industry.
Napster was shut down in 2002, but the genie was already out of the bottle. Piracy’s effect on the industry was immediate and stark. Music industry sales, which had been experiencing impressive year-over-year growth, began a decline that would continue for 15 years.
The Ringtone Era
While acquiring music was as easy opening Limewire on your desktop computer, transferring that new T-Pain track to a flip-phone wasn’t a seamless experience.
This brief gap in technology – before smartphones hit mass adoption – brought us the ringtone era. Distribution was controlled by mobile carriers, so ringtones were a comfortable gateway for the record industry to get a taste for digital-based revenue. In 2008 alone, they injected over a billion dollars of revenue into an industry that was getting used to gloomy forecasts.
Paddling Upstream
Though services like Spotify and Pandora haven’t replaced the money pipeline that CD sales provided, they have reversed the industry’s tailspin. For the first time this millennium, record industry posted an increase in revenue for two consecutive years (and likely a third in 2018).
It took a while for consumers to warm up to paying for a premium music subscription, but today, there’s a solid basis for optimism. Music streaming is now the most common format for music in the United States, and the RIAA reports that streaming now makes up nearly half of the market.
The End of Physical Format?
Gone are the days when people would line up at the music shop for a hot new release. In fact, CD sales are down 80% in the past decade. Today, physical format sales only account for 17% of the industry’s revenue.
There is, however, one bright spot in physical format segment: vinyl. In 2017, vinyl sales hit 25-year high after making a slow and steady comeback.
Vinyl is written in stone. I think if it’s made it for 120 years now, it’s here forever.
– Jack White
Technology
Charted: The Jobs Most Impacted by AI
We visualized the results of an analysis by the World Economic Forum, which uncovered the jobs most impacted by AI.
Charted: The Jobs Most Impacted by AI
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Large language models (LLMs) and other generative AI tools haven’t been around for very long, but they’re expected to have far-reaching impacts on the way people do their jobs. With this in mind, researchers have already begun studying the potential impacts of this transformative technology.
In this graphic, we’ve visualized the results of a World Economic Forum report, which estimated how different job departments will be exposed to AI disruption.
Data and Methodology
To identify the job departments most impacted by AI, researchers assessed over 19,000 occupational tasks (e.g. reading documents) to determine if they relied on language. If a task was deemed language-based, it was then determined how much human involvement was needed to complete that task.
With this analysis, researchers were then able to estimate how AI would impact different occupational groups.
Department | Large impact (%) | Small impact (%) | No impact (%) |
---|---|---|---|
IT | 73 | 26 | 1 |
Finance | 70 | 21 | 9 |
Customer Sales | 67 | 16 | 17 |
Operations | 65 | 18 | 17 |
HR | 57 | 41 | 2 |
Marketing | 56 | 41 | 3 |
Legal | 46 | 50 | 4 |
Supply Chain | 43 | 18 | 39 |
In our graphic, large impact refers to tasks that will be fully automated or significantly altered by AI technologies. Small impact refers to tasks that have a lesser potential for disruption.
Where AI will make the biggest impact
Jobs in information technology (IT) and finance have the highest share of tasks expected to be largely impacted by AI.
Within IT, tasks that are expected to be automated include software quality assurance and customer support. On the finance side, researchers believe that AI could be significantly useful for bookkeeping, accounting, and auditing.
Still interested in AI? Check out this graphic which ranked the most commonly used AI tools in 2023.
-
Money7 days ago
Visualizing All of the U.S. Currency in Circulation
-
Markets2 weeks ago
Ranked: South Korea’s Largest Companies by Market Capitalization
-
VC+2 weeks ago
What’s New on VC+ in March?
-
Economy2 weeks ago
Confidence in the Global Economy, by Country
-
Wealth1 week ago
Mapped: Where Do the Wealthiest People in the World Live?
-
Misc1 week ago
Ranked: Global Airlines with the Most Plane Crashes
-
Technology1 week ago
Visualizing iPhone 15 Production by Manufacturer in 2023
-
Automotive1 week ago
Visualizing Global Electric Vehicle Sales in 2023, by Market Share