Driven by the rapid rise of streaming services, global recorded music revenues grew by 9.7 per cent to $19.1 billion in 2018, the fourth consecutive year of growth, according to a new report.
Streaming revenue grew by 34 per cent and accounted for almost half (47 per cent) of global revenue, driven by a 32.9 per cent increase in paid subscription streaming, said the report released by music industry body the International Federation of the Phonographic Industry (IFPI) on Tuesday.
The findings suggest that music fans using services such as Spotify, Apple Music and Amazon Music are rapidly growing.
There were 255 million users of paid streaming services at the end of 2018 accounting for 37 per cent of total recorded music revenue.
Growth in streaming more than offset a 10 per cent decline in physical revenue and a 21 per cent decline in download revenue, showed the "IFPI Global Music Report 2019".
"As music markets continue to develop and evolve, it is imperative that the appropriate legal and business infrastructure is in place to ensure that music is fairly valued, and that the revenues are returned to rights holders to support the next cycle of development," Frances Moore, Chief Executive of IFPI, said in a statement.
For the fourth consecutive year, Latin America was the fastest-growing region (16.8 per cent) with Brazil and Mexico growing strongly.
The Asia and Australasia region (11.7 per cent) grew to become the second-largest region for combined physical and digital revenue, with especially strong growth in South Korea, said the report.
IANS
