On-Demand Streaming Services Improves Profitably in Music Industry

On-Demand Streaming Services Improves Profitably in Music Industry

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
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.

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