Online streaming has helped the music industry grow at its fastest rate since 1997, the International Federation of the Phonographic Industry (IFPI) said in its latest report.
IFPI said it started tracking the market in 1997, and found that the global recorded music market grew by 5.9% in 2016.
Revenues for the year reached $15.7 billion, and by the end of 2016, there were 112 million users of paid music streaming subscriptions. This resulted in a year-on-year streaming revenue growth of 60.4%.
Digital income in 2016 accounted for half the global recorded music industry’s annual revenue for the first time, added IFPI.
Growth in streaming offset a 20.5% decline in downloads and a 7.6% decline in physical revenue.
Streaming is also helping drive growth in developing music markets, with China (+20.3%), India (+26.2%), and Mexico (+23.6%) seeing strong revenue growth.