Global Music Report shows the rise of music streaming
Music streaming continues to be a hugely important aspect of the music industry’s revenue.
In a new findings from the International Federation of the Phonographic Industry’s Global Music Report, the organization revealed that streaming now accounts for half of the industry’s annual global revenue. Key statistics from the report show that digital income now accounts for 50 percent of global revenues, and global music sales grew 5.9 percent last year. This 5.9 percent increase is the highest rate since the IFPI began tracking the market in 1997. The report also announced that growth in music streaming revenues is up 60.4 percent
Downloads were down 20.5 percent, and physical formats declined in popularity 7.6 percent.
The report also brings to light the fact that the industry is now working toward a return to sustainable growth following a 15-year period during which revenues dropped by nearly 40 percent.
Read the report in full here.
Graphic by Bryce Owen
H/T: Magnetic Magazine