Music streaming records huge growth in 2016
Figures show that music streaming grew by 60% in 2016, according to a report by IFPI (International Federation of the Phonographic Industry).
Music streaming is on the up with no sign of slowing down, according to the IFPI Global Music Report 2017. More than 112m users paid to stream songs on services including Spotify Premium and Tidal in 2016, leading to a revenue growth of 60.4%.
2016 was the first year that digital income made up half of the global recorded music industry's annual revenue. Whilst both music downloads (20.5%) and physical formats (7.6%) dropped in popularity, music streaming showed impressive growth.
In the US alone, paid-for streaming services grew 114% in 2016 according to a recent report from the RIAA (Recording Industry Association of America).
The wider global recorded music market grew by 5.9% last year, the highest rate since the IFPI started recording sales in 1997. Total revenues for 2016 were huge at £12.24 ($15.7) billion.
The report added that for the continual growth of the digital music industry “value gap” between user upload services like YouTube and music creators has to be addressed in 2017 and beyond.