Massive growth in online streaming of artists such as Drake and David Bowie saw music industry revenues grow in 2016 at their fastest rate since records began, a global industry body said on Tuesday, even as physical sales fell again.
The global market for recorded music grew by 5.9 per cent in 2016, the quickest pace since industry body IFPI began tracking the market in 1997.
It expanded for a second straight year after losing nearly 40 per cent of its revenues in the preceding 15 years, with the recovery driven by a 60 percent rise in income from streaming.
In all, digital income accounted for half of the music industry's revenue for the first time.
The industry initially struggled with the demise of the market for physical sales, as the advent of the internet facilitated illegal downloads that crimped profits.
However, the rise of subscription-based services such as Spotify has helped it recover, even as the market for physical formats has continued to shrink and download revenues have fallen too.
"As an industry, we've had years of investment in innovation to make (growth) happen, and we're starting to see the shift ... from adapting to the digital age, to actually driving the digital age," Frances Moore, the CEO of the International Federation of the Phonographic Industry (IFPI), told reporters in London.
Total revenues for the industry were $15.7 billion in 2016, aided by 112 million users of paid music streaming subscriptions by the end of the year.
The growth in streaming more than offset a 20.5 percent decline in downloads and a 7.6 percent fall in revenue from physical sales.
The top-selling artist was Canadian rapper Drake, while the death of David Bowie spurred purchases to make him the second most popular artist of the year. Prince, who also died last year, was ninth on the list.
Despite the improvement, industry executives cautioned against complacency.
"We're only two years into our recovery. We must remain alert, resourceful and ambitious," said Stu Bergen, CEO of International and Global Commercial Services at Warner Music Group.
"We're no longer running up a down escalator, but that doesn't mean we can relax."
Reuters
Thu Apr 27 2017
Drake performs during the iHeartRadio Music Festival at The T-Mobile Arena in Las Vegas, Nevada, U.S. September 23, 2016. - Photo Reuters/Steve Marcus/File Photo
Pas puji tindakan pantas kendalikan tragedi helikopter TLDM
PAS memuji tindakan pantas Menteri Pertahanan Datuk Seri Mohamed Khaled Nordin dalam mengendalikan tragedi dua helikopter terhempas yang mengorbankan 10 anggota dan pegawai Tentera Laut Diraja Malaysia (TLDM) pada Selasa.
Setiausaha Agung PAS Takiyuddin Hassan turut Merakamkan ucapan takziah kepada semua keluarga mangsa.
Setiausaha Agung PAS Takiyuddin Hassan turut Merakamkan ucapan takziah kepada semua keluarga mangsa.
Penghormatan terakhir mangsa nahas helikopter
Ikuti perkembangan terkini bersama wartawan Astro AWANI, Ridauddin Daud, langsung dari Ipoh, Perak untuk upacara penghormatan terakhir dan pengebumian 10 wira negara yang maut dalam nahas helikopter terhempas di pangkalan udara TLDM, Lumut, pada pagi Selasa.
Bursa Malaysia dibuka tinggi
Bursa Malaysia dibuka tinggi hari ini menjejaki prestasi semalaman Wall Street yang menggalakkan berikutan keyakinan didorong oleh pendapatan korporat yang kukuh.
Penghormatan terakhir buat kru TLDM terkorban
Semua jenazah akan dibawa sebaik proses bedah siasat dijalankan selesai di Hospital Raja Permaisuri Bainun (HRPB) Ipoh yang dijangka sekitar jam 2 petang pada Rabu.
Pemandu bas ekspres buat 'live' TikTok kena saman
Mereka dikesan melakukan kesalahan itu dalam Ops Hari Raya Aidilfitri (HRA) bermula 1 hingga 20 April lepas.
Nahas helikopter Lumut: DUN Sabah bertafakur seminit hormati mangsa
Ucapan takziah itu disampaikan Timbalan Speaker DUN Sabah, Datuk Al Hambra Tun Juhar sebelum memulakan sesi soal jawab pada sidang DUN.
Nahas helikopter Lumut: Pas puji tindakan pantas Menteri Pertahanan
PAS memuji tindakan pantas Menteri Pertahanan Datuk Seri Mohamed Khaled Nordin dalam mengendalikan tragedi dua helikopter terhempas yang mengorbankan 10 anggota dan pegawai Tentera Laut Diraja Malaysi
Suspek kes tembak di KLIA berdepan tujuh pertuduhan
Hafizul Hhawari mohon dibicarakan terhadap kesemua pertuduhan yang dibacakan di hadapan Hakim Nik Habri Muhamad.
Warga emas hidup 'berteman' lebih 2 tan sampah
Sudah menjadi tabiat lelaki ini yang hidup sebatang kara mengumpul sampah di dalam dan luar rumahnya tetapi bukan untuk dijual.
Nahas helikopter Lumut: Lori bawa 10 keranda tiba di Jabatan Forensik HRPB
Kesemua 10 jenazah akan dibawa ke Batalion 23 Rejimen Askar Melayu Diraja, Ipoh bagi istiadat rasmi sebaik proses bedah siasat selesai.
Pereka fesyen Kansai Yamamoto meninggal dunia
Kansai Yamamoto yang terkenal dengan rekaan ikonik busana David Bowie meninggal dunia pada usia 76 tahun akibat penyakit leukimia.
Kritik David Bowie, Lim Kok Wing dikecam netizen
Dalam beberapa tweet balasan, Lim menjelaskan apa yang ditulisnya hanyalah pendapat peribadi.
11 fakta tentang lagenda muzik, David Bowie
Tahukah anda tentang kewujudan Heteropoda Davidbowie, sejenis labah-labah yang ditemui di Malaysia dan dinamakan sempena nama Bowie?
Lagu baru David Bowie sempena hari jadi
David Bowie mempunyai hadiah istimewa buat peminatnya sempena sambutan hari jadinya yang ke-66 pada 8 Januari.