Spotify and Apple overtakes physical sales for the first time

Mail Online | 4/3/2018 | Reuters
Kaliela101 (Posted by) Level 3
Click For Photo:

Online streaming services such Spotify and Apple Music have become the music industry's single biggest revenue source, overtaking physical sales and digital downloads for the first time, a global industry body said on Tuesday.

The rapid growth in streaming music services in recent years has led to a recovery in the fortunes of the global recorded music industry, which enjoyed its third year of positive revenue growth, according to a report by industry trade group IFPI.

Music - Sales - Percent - Years - Rise

By 2014, music sales had fallen by 40 percent to $14.3 billion in the 15 years since 1999, when the rise of music file-sharing service Napster ravaged sales of CDs and the development of download services like Apple iTunes failed to offset declines.

Last year, subscription-based streaming revenue accounted for 38 percent of all recorded music, up from 29 percent the year before, IFPI said.

Figures - IFPI´s - Global - Music - Report

Figures released in IFPI´s Global Music Report 2018 show total revenues for 2017 were $17.3 billion, with an increase of 8.1 percent from the previous year.

Industry leaders say that the rise of music streaming...
(Excerpt) Read more at: Mail Online
Wake Up To Breaking News!
Sign In or Register to comment.

Welcome to Long Room!

Where The World Finds Its News!