Global Record Business Saw Sizable Growth Last Year, Thanks To Streaming
An annual report on the worldwide recording industry has some good news, especially when it comes to on-demand listening.
A new report shows that the worldwide recording industry added nearly $1 billion in revenue in 2016, growth that is almost entirely due to the growth of streaming. The annual "Global Music Report," released today by the International Federation of the Phonographic Industry (IFPI) — an umbrella group representing major labels worldwide — says that revenues from streaming were up 60.4 percent over 2015, and the industry overall grew by 5.9 percent.
Streaming's ascent has made the industry very, very willing to experiment. This wasn't always the case.
After hitting record highs in the CD era, the global market for recorded music began shrinking dramatically in 2000. It lost 40 percent of its
