Global Music Revenues Up 3.2%
Not only have music digital revenues outpaced physical sales here, they have worldwide.
A report from the International Federation of the Phonographic Industry about worldwide music sales backs up what the RIAA has been saying.
Global music revenues have increased 3.2% to $15 billion in 2015 compared to the year before.
Streaming increased 45.2% to $2.9 billion and digital sales now account for 45% of industry revenues, compared to 39% for mechanical revenues.
But while consumption is rising, it’s not returning a fair value to artists and their labels, according to IFPI Chief Executive Frances Moore, who says: “After two decades of almost uninterrupted decline, 2015 witnessed key milestones for recorded music: measurable revenue growth globally; consumption of music exploding everywhere; and digital revenues overtaking income from physical formats for the first time.”
However he points to a “value gap” as the biggest constraint to revenue growth for artists, labels and all music rights holders and says the industry looks to policy makers for change.