The story of the recorded music industry continues to be one of transformation: from physical to digital; downloads to streaming; ownership to access.
Streaming services are steering the global music industry from years of decline to slow but sustainable growth with digital music contributing to about 50% of global music revenues now.
The users of paid streaming subscriptions globally is way past the 100 million mark and is continuing to rise. These paid subscribers of music streaming services are the key drivers of growth in the future, hence moving the consumers to a subscription based model is imperative to sustain growth.
Music Piracy and the Global Value Gap, remain the two major global challenges.
The record companies continue to be a major stakeholder in the global music business, fulfilling the role of discovering, nurturing, supporting and promoting artists around the world.
2017: Global Recorded Music Industry
$17.3 bn 8.1%
global trade revenues for the Growth compared
recorded music industry in 2017 to 2016
Modest growth but fastest rate of growth since IFPI started central collection of revenue data in 1997
Learn more about the Global Recording Industry trends in the IFPI Global Music Report 2018 Here