Slashdot Mirror

← Back to Stories (view on slashdot.org)

Streaming Services Help Global Music Industry To Fastest Growth in Nearly 20 Years (billboard.com)

Posted by msmash on from the changing-fortunes dept.

The global music industry grew by 5.9 percent in 2016, its fastest rate of growth since 1997, as revenue generated by streaming services surged 60 percent. From a report: The IFPI's Global Music Report (previously known as the Digital Music Report) states that trade revenue generated by the global recorded music industry climbed by 5.9 percent to $15.7 billion, with digital sales up 17.7 percent across the board. After digital revenue surpassed physical for the first time in 2015, digital hits another milestone in 2016, accounting for 50 percent ($7.8 billion) of all music sales for the first time. More importantly, 2016 marked the second successive year that the recorded music market grew after nearly two decades of continually falling sales during which revenues dropped by almost 40 percent at their lowest point. [...] Breaking down the Global Music Report findings, the mass adoption of streaming services such as Spotify, Amazon and Apple Music in both established and emerging markets is -- as expected -- the main driver behind the industry's sustained upturn.

1 of 47 comments (clear)

  1. Re:two-edged sword by UnknownSoldier · · Score: 1, Interesting

    $20/month is definitely a sweet price for unlimited streaming!

    As an audiophile I still refuse to use a streaming service. There are number of reasons for that:

    * Compared to the 90's when I used to buy a ton of CD's my music purchases for the past 5 years has slowly dwindling. iTunes seems to fit the bit of convenience for the odd purchase I make these days.

    * Part of the reason is that I'm still debating whether to upgrade to Martin Logan ElectroMotion ESL (ELectroStatics) when my current audio setup is "good enough."

    * I've actually been going through all my monthly expenses and finding that in the end most of them just aren't used enough to justify it. I'd rather put the month towards other things.

    Sadly, there is no cure for an audiophile -- except to make peace with yourself. LOL.

    --
    "When I die I hope my wife sells my speakers for what they are worth, not what I told her I paid for them!"