
The recording industry's worldwide trade group said revenues grew 8.1 percent a year ago to $17.3 billion, according to the International Federation of the Phonographic Industry, or IFPI, Tuesday.
The growth in the market was driven by 176 million premium subscribers - 64m of them added during 2017, an increase of 57%.
"But as much as the industry can do a lot - and has done a lot on its own - there is a structural fault in the system", she went on to say drawing a stark comparison between the $5.6 billion that record companies earned from paid and ad-supported music streaming services in 2017 and the $856 million generated by video platforms like YouTube, who have a user base nearly five times as big.
Physical sales tumbled again but one bright side was vinyl, which remains a sliver of the market but grew 22.3 percent as records find a renewed market among audiophiles.
"We are not getting complacent, it has been hard fought to get here after 15 years of decline but there is still plenty of room to grow", he said.
A Winged Victory for the Sullen
As a effect, physical sales fell by just over 5 percent to $5.2 billion, accounting for 30 percent of the global market.
In one point of concern, Japan - the world's second largest music market - saw revenue decline by three percent.
As a whole, revenues were able to reach $17.4 billion, which is slightly behind 2008's net cume of $17.7 billion, a total that would have been bolstered by traditional album and single sales instead of streaming figures. Internationally, Latin American revenues grew by 17.7% and Asia and Australasia by 5.4%.
The IFPI also repeated its longstanding complaints about a structural "value gap" which allows YouTube to pay less back to artists, owing in part to laws in the United States that shield internet companies from responsibility for content uploaded by users.
CD sales have been in decline for years as the industry was hammered by illegal piracy and failed to make much money as user numbers and margins fell in the early days of streaming.
Dubai: Uber rival Careem comes under cyber attack
Lastly, in many cases, the companies can also share or sell the data with other companies as another way to increase revenue. The company apologised for the breach, saying: "We take the protection of our customers and captains' data very seriously.
Allardyce Defends Style Of Play As Everton Edges Newcastle
You can knock some of the passing that goes astray buy you can't knock me for that, I don't pass the ball. We dominated the game, out-passed the opposition.
Macaulay Culkin just wants to be home alone at Christmas
Culkin also opens up about his longtime break from the spotlight, revealing he went to high school like a normal teenager. The former child did 14 movies in about six years , reported People . "I was away from home a lot".
Related News:
-
Oil Hits Three-Year High on Risk to Iran Deal
President Donald Trump slammed OPEC for inflating oil prices after the cartel showed a willingness to further tighten crude markets.Brexit survey was held on Falmouth Packet website
Among Leave voters, 36 per cent said customs controls would be acceptable, with 49 per cent saying they would not be acceptable. A new Brexit survey shows 54% of visitors to thepacket.co.uk believe Britain will be better off economically inside Europe .Iran pledges to destroy Israel within 25 years as tensions rise
Zarif "is a foreign minister of a country that sent armed drones into Israel and fired missiles at Saudi Arabia ", Netanyahu said. Israel, said Salami, was living "in the dragon's mouth". "And you'll have nowhere to run, except to fall into the sea". -
Stars line up for the premiere of Avengers: Infinity War
Tonight at our premiere in Los Angeles, we are screening Avengers Infinity War in the entirety for the first time ever. This is the moment where you finally get to see all your favorite characters interacting.Sachin Diwas: Twitterati pour wishes to 'Master Blaster'
I called her and said "what are you doing at home?" Saqlain Mushtaq had a heartfelt message for Sachin on his birthday. Durin Tendulkar's farewell speech at the Wankhede, his home turf of decades, the Master Blaster was in years.Alphabet's earnings look better than ever thanks to a new accounting rule
As a result of the rule, Alphabet reported a $3 billion gain on equity securities from its investments in companies such as Uber. Worldwide sales increased to US$31.1 billion in the quarter, above the average analysts' estimate of US$30.3 billion. -
Huawei P20 Pro, P20 Lite with FullView Displays Launched in India
These, as well as the fingerprint sensor at the back, are rather easy to reach even when using the phone with one hand. Huawei's P20 and P20 Lite smartphones will be exclusive to Amazon India and will be going on sale starting May 3.Defense Team Rests Case In Cosby Sexual Assault Retrial
District Attorney Kevin Steele noted that the records do not account for other ways Cosby could have gotten to Philadelphia . Cosby is on trial for the alleged drugging and sexual assault of numerous women throughout his career as an entertainer.Windrush generation to get United Kingdom citizenship papers free
Party leader Jeremy Corbyn joined in calls for Ms Rudd to quit if she did not get an immediate grip on the situation. Labour said the "buck stopped" with Ms Rudd for a crisis which had brought "shame" on the government. -
Tigers fall to Royals 8-5, settle for weekend split
He has allowed six runs (five earned) on 11 hits and two walks while striking out 10 in 11.2 innings of work in his two starts. Phillies 2, Pirates 1 • Odubel Herrera hit a go-ahead triple in the eighth inning to lift host Philadelphia over Pittsburgh.Some students stay behind during National Walkout Day
Hundreds of people, including students and gun control supporters, gathered in downtown Richmond on Friday to rally against gun violence.Jio, Airtel bring Apple Watch Series 3 cellular to India
To top things up, the all-new Apple Watch Series 3 comes with a faster S3 dual-core processor and a W2 wireless chip for charging. You can purchase Apple Watch Series 3 starting May 11 with pre-orders starting May 4.