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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...
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