Music streaming services like Spotify are the leading source of music revenue in the US

Spotify's imminent IPO isn't the only indication that the music streaming subscription business is a success: a recent study reveals that music streaming services make up for more than half of the total music revenue in the United States.

As this chart by Statista shows, the leading source of revenue within the music industry are streaming services like Spotify, Apple and Amazon. The streaming music business generated more than $4 billion in revenue last year, and its share of the music industry's revenue keeps growing. The study, which was conducted by the Recording Industry Association of America, is an auspicious sign for Spotify, which has pioneered the music subscription model over the past few years.

Chart of the dayJenny Cheng/Business Insider

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