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April 25, 2017 10:00 pm

Streaming Services Help Global Music Industry To Fastest Growth in Nearly 20 Years

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.

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