IFPI unveil Global Music Report for 2017
News: 26th April 2017 by Louise Dodgson under Music Training & Careers
The IFPI organisation promotes the interests of the international recording industry worldwide and every year produces its Global Music Report surveying trends in the worldwide industry. Released yesterday, their 2017 report shows that the global recorded music market grew by 5.9% in 2016, the highest rate since IFPI began tracking the market in 1997.
Other notable developments include growth of paid music streaming subscriptions, reaching 112 million users at the end of 2016 and equating a revenue growth of 60.4%. Digital income last year accounted for half the global recorded music industry’s annual revenue for the first time. Growth in streaming more than offset a 20.5% decline in downloads and a 7.6% decline in physical revenue.
Latest Global Music Report from IFPI shows growth in paid music streaming subscriptions