Music Industry booms with fastest growth in more than 20 years
Latest figures show Global music revenue has made a year-on-year increase of 8.5%, soaring to $17.4 billion (£12.2bn) in 2017. According to MIDiA Research, it's the fastest growth experienced in 23 years and is predominately driven by a huge increase in the use of streaming services. With the likes of Spotify and Apple Music at the forefront of the suppliers, streaming services now account for 43% of all revenue.
It's hoped that the music industry will continue to grow with leading media companies such as Pandora Media Inc. and Amazon.com Inc. pursuing options for paid customer privileges. With CD and other physical format sales only making up 17% of the total revenue, it's apparent that streaming has given the industry a new lease of life - one that it was desperate for after the lull years of slow sales caused.