Streaming Services and the rise of R&B/Hip Hop

Refinery29

The economic principle I am researching is supply and demand In the music industry and how it both drives and shapes the music industry as a whole. In today's blog post I will discuss how music streaming services.

 In 2017 the long dominating genre of rock and roll gave up its title to R&B/Hip Hop for the first time in history. The Nielsen Music report according to Forbes.com for the first time showed R&B/Hip Hop take the leader-board with 25.1% of all music consumption while Rock is at 23% of total music consumption.

 Not surprisingly, the music streaming industry has no small role in this. Rock and roll is more popular with older generations while R&B/Hip is most popular with millenials and teenagers. The older generations also are more likely to listen to physical forms of music such as CDs and Records. There forms of music are expensive and have a limited supply because there is never an infinite supply of money.

 On the other hand, millenials and teenagers who are more likely to listen to R&B/Hip are also more likely to listen to music streaming services are able to listen to a much larger volume of music because streaming services do not charge per play or per song. Thus more R&B/Hip Hop music is consumer when compared to Rock because the effective supply of R&B or Hip Hop music is much larger.

 In my next blog post I will sum up and conclude all of my previous blog posts.