Apple Music and Spotify are the future of the music industry

Over the weekend, the Financial Times reported that Apple Music, the subscription service it launched in July, now has more than 10 million paying subscribers. Spotify also told Business Insider that the last six months of 2015 saw its fastest subscriber growth in the company’s seven-year history.

This chart from Nielsen, compiled by Statista, clearly shows the change. The number of tracks streamed by users in the U.S. in 2015 almost doubled (+93%) from the previous year, on top of a 55% gain from 2013 to 2014. Every other form of music, including digital downloads, is seeing shrinking sales — except good old vinyl records, which are enjoying a resurgence, but which still make up less than one quarter of total physical sales.

NOW WATCH: Tech Insider videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.