The IFPI have released their Global Music Report for 2016 and it shows music industry revenues are on the rise worldwide and music streaming is dominating the market.
The report, by IFPI (International Federation of the Phonographic Industry), shows that the music industry is on the rise again with global revenues up 3.2%, the first increase in 20 years. It also reveals that in 2015 digital revenues made more money than physical copies of music for the first time ever. This means that music downloads and streaming now make up the largest source of revenue for music globally.
Streaming revenues are also up 45.2% as the main driving force behind the industry’s growth. In fact it showed that between 2010 and 2015 the streaming market has grown by 4 times the size. Digital revenues on their own have seen a 10.2% rise amounting to $6.7 billion in revenue from the digital music market.
Hypebot created a great overview of the figures, showing the highlight figures and why the music industry is on the up again: