Streaming Services Soar but Total Music Revenue Falls Anyway
Posted in: UncategorizedThe worldwide recorded music industry’s revenue dropped 3.9% last year, even as more fans listened to music on internet streaming and subscription services such as Spotify and Pandora.
Global revenue for the industry, whose best-selling album in 2013 was One Direction’s “Midnight Memories,” totaled $15 billion, a group representing music labels said in a statement today. Digital revenue increased 4.3.%.
At the same time, revenue from internet subscription services soared 51%, passing the $1 billion mark for the first time, according to the report, from the International Federation of the Phonographic Industry, which says U.S. members include Warner Music Group, Universal Music Group, Interscope/Geffen/A&M and Capitol Records.
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