Music downloads on the decline as streaming picks up steam

Music streaming services are kicking downloads to the curb, as a younger generation of music fans increases its influence on the music industry.

"Young people don't like to pay for music," NewYorker.com editor Nick Thompson says. "They didn't like the album model, they got rid of CDs and now, digital downloads are declining."

Last year, music downloads and albums dropped significantly. Song sales declined by 12 percent and album sales also dropped by 9 percent, the Wall Street Journal reports.

In contrast, streaming songs rose by 54 percent from 2013 to 2014, according to the Wall Street Journal.

"Everybody's moving to Spotify and other streaming services or just watching stuff on YouTube," Thompson says.

Consumers may be moving away from downloading songs, but in other instances, what's old is becoming the new again.

"There's a slight resurgence in vinyl records," Thompson says. "It's like going back in time. ... People say audio files do sound better, but really it's just a reaction to trends in the industry."