Global revenues from music streaming and subscription services increased by 51.3 percent in 2013 to pass $1bn (£602m) for the first time, a new report has revealed.
According to the IFPI, the growing appetite among consumers for new technologies such as Spotify and Deezer lead to digital revenues growing by 4.3 percent over the year.
Europe has returned to growth after 12 years, with all top five markets - France, Germany, Italy, Netherlands and the UK - seeing an increase in revenues.
However, overall global music trade revenues fell by 3.9 percent to $15bn in 2013, due to a 16.7 percent fall in Japan.
Frances Moore, chief executive of IFPI, said: ‘Even accounting for the difficult situation in Japan, the global recording industry is in a positive phase of its development. Revenues in most major markets have returned to growth. Streaming and subscription services are thriving.
‘Consumers have a wider choice than ever before between different models and services. And digital music is moving into a clearly identifiable new phase as record companies, having licensed services across the world, now start to tap the enormous potential of emerging markets.’
Further findings from the report showed that digital downloads remain an important revenue stream, accounting for a substantial two-thirds of all digital revenues.
Visit the IFPI’s website to find out more on the findings from the report.
According to the IFPI, the growing appetite among consumers for new technologies such as Spotify and Deezer lead to digital revenues growing by 4.3 percent over the year.
Europe has returned to growth after 12 years, with all top five markets - France, Germany, Italy, Netherlands and the UK - seeing an increase in revenues.
However, overall global music trade revenues fell by 3.9 percent to $15bn in 2013, due to a 16.7 percent fall in Japan.
Frances Moore, chief executive of IFPI, said: ‘Even accounting for the difficult situation in Japan, the global recording industry is in a positive phase of its development. Revenues in most major markets have returned to growth. Streaming and subscription services are thriving.
‘Consumers have a wider choice than ever before between different models and services. And digital music is moving into a clearly identifiable new phase as record companies, having licensed services across the world, now start to tap the enormous potential of emerging markets.’
Further findings from the report showed that digital downloads remain an important revenue stream, accounting for a substantial two-thirds of all digital revenues.
Visit the IFPI’s website to find out more on the findings from the report.
