We cannot deny the growth of the digital economy and must move away from the brick and mortar tax system in order to thrive in the digital age. Below, we have outlined trends that clearly show the rapid growth of the digital economy and the need to ensure that duplicative taxation doesn't become a reality.
The music industry plays a large role in the digital economy. Digital music streaming has grown exponentially over the last 5 years. From 2016 to 2018, the number of on-demand music streams has more than doubled.
Mobile app revenue is on the rise. Total worldwide revenues in 2020 is expected to reach $188 billion.
Internet usage is on the rise. Through 2023, the number of internet users in the United States is expected to continuously rise.