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Global Recorded Music Industry Growth
March 3, 2017
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This week it was reported that in 2016 the global music industry revenue saw the largest growth in over 15 years. According to MiDIA research, the industry grew $1.1 billion in 2016 to reach $16.1 billion - up 7% from 2015. A few factors contributed to this impressive growth, but the most obvious one is streaming revenue growth of 57% (year-on-year), and a 38.8bn increase in subscribers to streaming services. Mark Mulligan states that while music industry revenue looks to be on an upward trajectory over the next few years, "successive quarterly growth is not guaranteed. Streaming will have to work extra hard to offset the impact of continued legacy format declines as the 18% download revenue decline in 2016 illustrates." Read more on the story here.
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