The International Music Industry Association (IFPI) announced the Global Music Report 2018, which compiles the worldwide music and video content sales in 2018. The music content segment is seeing an increase in wholesale music streaming service sales worldwide, reaching 34% year-on-year and 47% of worldwide music content revenue.
Of course, in the United States, streaming music services have already reached 75%, but streaming is generating nearly half of revenue from the overall average of IFPI member countries. A figure close to half is enough to make a difference in the times.
Global recorded music revenue growth was predominantly driven by a 32.9% rise in paid streaming, 37% of total revenue worldwide. Find out more in the #GlobalMusicReport https://t.co/ZvNxTne15C pic.twitter.com/zcoNAdDESq
– IFPI (@IFPI_org) April 2, 2019
The advancement in the streaming market not only offset the decline in physical media such as CDs and download sales, but also raised the overall revenue to $ 19.1 billion. This shows that the music industry has grown for four consecutive years. Streaming has grown in Asia, Oceania and Latin America.
Even after streaming sales have overtaken CD sales, the streaming music market continues to grow. But too fast a change is putting the challenge on streaming music. Streaming companies and musicians are also working to increase royalties. If the loyalty is raised by the copyright group proposal, it may affect the overall growth of the streaming service. For more information, please click here .