It’s a good time for music streaming services, but not necessarily the industry in general.
Subscription services such as Spotify and Pandora have seen a general increase in its listener base, while the general music industry revenue managed to drop down 3.9 percent in the last year.
The global revenue for the industry managed to total $15 billion, but even with that large amount of money, it’s still shown a drop. Meanwhile, digital revenue through streaming sites showed quite an increase, soaring 51 percent and passing the $1 billion mark for the first time, according to a report put together by the International Federation of the Phonographic Industry.
Meanwhile, in Japan, an even sharper drop of 16.7 percent in worldwide recording industry revenue was reported, between establishing digital services and declining CD sales. Still, the report suggests it could have been much worse.
“Even accounting for the difficult situation in Japan, the global recording industry is in a positive phase of its development,” said Frances Moore, CEO at London-based IFPI. “Revenues in most major markets have returned to growth. Streaming and subscription services are thriving.”