According to the new International Federation of the Phonographic Industry (IFPI)’s report, 2017 was an exceptional year for the recorded music business. Last year saw the global music revenues reaching an astonishing $1.4 billion in trade values, after the $16 billion in 2016, showing an increase of 8.5%.
Streaming services, such as Spotify and Apple Music, played a significant role in this growth, adding, thanks to the subscription, $7.4 billion just this year. It’s clear how the music industry is designated to grow. While platforms such as Bandcamp, CD Baby and Believe Digital’s Tunecore generated a good $472 million in revenue in 2017.
“Universal Music retained its market leadership position in 2017 with revenues of $5,162 million, representing 29.7% of all revenues, followed by Sony Music ($3,635 million / 22.1%) while Warner Music enjoyed the biggest revenue growth rate and market share shift, reaching $3,127 million / 18%. Meanwhile, independents delivered $4,798 million representing 27.6%” stated the Music Industry Blog.
