IFPI: Streaming Fuels 8.1% Global Music Revenue Growth

Good News

The IFPI’s Global Music Report 2018 found that global market revenues increased for the third year in a row, an 8.1% bump to reach $17.3 billion in 2017. The 2017 data also found that, for the first time, streaming is the single largest revenue source (38.4%). Total digital income was up 19.1% to hit $9.4 billion, accounting for more than half (54.3%) of all revenue.

The growth in the market was driven by a 57% increase in premium subscribers to 176 million. Overall streaming revenues increased by 41.1% to reach $6.6 billion, more than offsetting a 5.4% decline in physical revenue to $5.2 billion and a 20.5% decline in download revenue. 

Also, performance rights revenue for recorded music grew by 2.3% to $2.4 billion, and sync revenue increased by 9.6%, maintaining its 2% share of the global recorded music revenues.

“It’s been another incredibly exciting year for music," IFPI Chief Executive FRANCES MOORE said. "The work and investment from record companies is enabling brilliant, diverse artists to break through to fans around the world, soundtracking their lives and bringing them increasingly rich and immersive ways to enjoy the music they love. 

“The industry is on a positive path of recovery but it’s very clear that the race is far from won. Record companies are continuing in their efforts to put the industry back onto a stable path and, to that end, we are continuing our campaign to fix the value gap. This is not just essential for music to thrive in today’s global market, but to create the right -– fair –- environment for it to do so in the future.”

« see more Net News