Streaming Music Keeps Growth Pace as Physical Media, Download Sales Wane, Says IFPI
Streaming music revenue, driven by 176 million paid subscribers, jumped 41 percent in 2017 to $6.6 billion, the International Federation of the Phonographic Industry reported Tuesday. Streaming generated 38 percent of recorded music revenue, offsetting a 5.4 percent decline in…
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physical revenue and 21 percent decline in download revenue, IFPI said. Globally, revenue from vinyl sales grew 22 percent, to 3.7 percent of the total recorded music market last year. Overall global recorded music revenue increased by 8 percent to $17.3 billion, it said, for the third consecutive year of growth after 15 years of revenue declines, it said. Total digital income last year accounted for more than half of all revenue, 54 percent, for the first time, said IFPI. Despite the recent uplift, revenue for 2017 was 68 percent of the market’s peak in 1999, it said. Copyright infringement remains a “widespread and evolving problem,” with stream ripping becoming the latest issue facing the music community, said the trade group. The value gap remains “the most significant roadblock on the path to sustainable growth, where certain online user upload services exploit music without returning fair revenue to those that are creating and investing in it,” it said.