The music industry is making billions of dollars from online streaming now that it’s legal, according to a new report from Billboard.
The report found that, in 2017, the music industry earned more than $1.2 billion from streaming, with a total of $3.3 billion spent on streaming-related revenue, which included $1 billion on digital downloads and $2 billion on streaming royalties.
According to Billboard, in addition to the $1,220 per stream the music business earned, the industry also earned $1 million per track sold on Spotify and Apple Music.
It is unclear whether the streaming business made money from its digital business, but the data points to a revenue stream that is now on par with that of traditional music and film sales.
Accordingly, Billboard believes that digital streaming revenue is set to reach $10 billion in 2019, making it the fastest growing music industry revenue source.
The company said that in 2018, the total number of music fans in the U.S. surpassed 3.7 billion, a figure that has continued to grow in the past few years.
In 2017, a total estimated audience for the music services was approximately 6.6 billion, and the music streaming business accounted for more than 40 percent of that total.
As a result, digital streaming now accounts for a large percentage of the industry’s revenue, with the report citing figures from Nielsen.
Spotify and Spotify Premium have seen a big jump in revenue, both with their digital revenues and the number of artists who signed up for their services.
Additionally, digital music subscriptions have seen growth as well.
Billboard also pointed to data from Nielsen, which found that the streaming industry had a monthly revenue of $2.8 billion in 2018.