Digital Music Industry
FROM DECLINE TO GROWTH
Digital music companies have revitalised an industry in decline. Piracy caused artists and right holders to experience huge losses totalling €240 billion from 2008 to 2015. As physical sales declined thousands of record shops went out of business worldwide.
Streaming has become 50% of overall music revenue, and is set to rise much further. In 2016 alone, 112 million users of paid streaming subscriptions produced $15.7 billion in revenue worldwide for a once struggling industry. In Europe, the recorded music market grew by 4% – the fastest rate of growth in two decades, driven primarily by the mass adoption of streaming.*
Digital music companies give consumers legal access to streaming music that fairly remunerates artists. It’s a win-win that’s reflected in our incredible growth.
*Source: Global music report 2017 published by the International Federation of the Phonographic Industry (IFPI)