Half Of Music Business Revenue Is From Streaming

Streaming services and their subscription revenue has saved the music business, according to a new music industry report, which notes that 2017 was the third consecutive year of revenue growth, again, thanks to digital music consumption.

Global recorded music revenues reached $17.4 billion in 2017, up from $16 billion in 2016, an annual growth rate of 8. percent. Streaming revenues in particular have contributed to this growth, and were up 39 percent year-over-year to reach $7.4 billion, or 43 percent of all revenues.

That offset some of the declines from legacy formats, like downloads and physical albums, which fell by $783 million.

In the US, digital revenue last year grew 15 percent to $6.5 billion, up from $5.65 billion the year before. A good-sized portion of those revenues came from streaming music subscriptions, which grew 63 percent from $2.5 billion in 2016 to $4 billion in 2017.

The US has also become the most important streaming market worldwide, accounting for 40 percent of total global recorded music revenues.

Thanks to the innovation and diversity of music services available in the US, the report predicts than the number of paid music subscribers will reach 90.1 million by 2025, nearly double today’s number of $49.1 million.

The report comes from MIDiA Research, a media and technology analysis company, in partnership with digital media association, DiMA.

In addition to digital’s ability to grow revenues, the changes in how people are consuming music have had other impacts as well.

For starters, the ease of using streaming services has led to an over 50 percent decline in music piracy since 2013, and has driven discovery of more diverse genres and artists, the report claims.

It offered a couple of key examples of this, including how Chance the Rapper became the first “streaming-only” artist to win a Grammy, and how six out of the top ten music videos on YouTube were Spanish-language, with hits like “Despacito” reaching a billion views in 97 days.

Another big change in the new streaming landscape, is how powerful playlists have become. 54 percent of consumers now say that playlists are replacing albums in their listening habits.

The $1.4 billion of revenue growth the industry has seen year-over-year puts the global total just below 2008 levels ($17.7 billion), the report also said. That means the decline seen over some of the last decade has been reversed – the industry is back in growth mode.

Techcrunch:

You Might Also Read: 

Google To Break Pirates Over Music Searches:

AI Meets Music’s Evolution:

 

« Blockchain And GDPR: A Rock And A Hard Place
Brexit Might Freeze The UK Out Of Robotics »

Infosecurity Europe
CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

Resecurity

Resecurity

Resecurity is a cybersecurity company that delivers a unified platform for endpoint protection, risk management, and cyber threat intelligence.

CYRIN

CYRIN

CYRIN® Cyber Range. Real Tools, Real Attacks, Real Scenarios. See why leading educational institutions and companies in the U.S. have begun to adopt the CYRIN® system.

Clayden Law

Clayden Law

Clayden Law advise global businesses that buy and sell technology products and services. We are experts in information technology, data privacy and cybersecurity law.

Syxsense

Syxsense

Syxsense brings together endpoint management and security for greater efficiency and collaboration between IT management and security teams.

IT Governance

IT Governance

IT Governance is a leading global provider of information security solutions. Download our free guide and find out how ISO 27001 can help protect your organisation's information.

CLUSIS

CLUSIS

CLUSIS is an association for the information security industry in Switzerland.

Robert Bosch Centre for Cyber-Physical Systems (RBCCPS)

Robert Bosch Centre for Cyber-Physical Systems (RBCCPS)

RBCCPS is an interdisciplinary research and academic centre within the Indian Institute of Science focused on research in cyber-physical systems.

Crosscheck Networks

Crosscheck Networks

Crosscheck products allow you to test your APIs across different protocols and message formats with functional automation, performance, and security testing capabilities.

Berwick Partners

Berwick Partners

Berwick Partners’ Cyber Security Practice is a leading recruiter of senior management positions in this field; we have an exceptional understanding of the constantly changing Cyber landscape.

i-Sprint Innovations

i-Sprint Innovations

i-Sprint is a leader in Securing Identity and Transactions in the Cyber World for industries that are security sensitive.

ThirdWatch

ThirdWatch

ThirdWatch is a Data Science company with real-time automated fraud prevention solutions.

eLearnSecurity

eLearnSecurity

eLearnSecurity is an innovator in the IT Security training market providing quality online courses paired with highly practical virtual labs.

Nu Quantum

Nu Quantum

Nu Quantum is developing quantum photonics hardware to power the quantum revolution in communications, sensing and computing.

The Citadel Department of Defense Cyber Institute (CDCI)

The Citadel Department of Defense Cyber Institute (CDCI)

CDCI is established to address the critical national security needed for a skilled cybersecurity workforce.

VCG Group

VCG Group

VCG provides everything you need for the design, implementation and management of data centres, cyber-secure enterprise networks, cloud and connectivity services.

RKVST

RKVST

RKVST is a powerful tool that builds trust in multi-party processes when it’s critical to have high assurance in data for confident decisions.

Cyber Legion

Cyber Legion

Cyber Legion Ltd is a UK-based Cyber Security as a Service (CSaaS) start-up that provides IT security testing services to various organizations around the globe.

Tozny

Tozny

Tozny offers products with security and privacy in mind that are built on the foundation of end-to-end encryption, and open-source verifiable software.

Azerbaijan Cybersecurity Center (ACC)

Azerbaijan Cybersecurity Center (ACC)

Azerbaijan Cybersecurity Center is a state-of-the-art facility to deliver advanced cyber training programs and build the next generation of Azerbaijan’s cybersecurity professionals.

DIGISOC

DIGISOC

DIGISOC, a leader in Latin America in Cybersecurity solutions, combines machine learning with human intelligence to be effective in detecting cyber threats.

Couno

Couno

Couno is a trusted provider of IT support services throughout the UK and Europe.