Digital Biggest Chunk, as US Music Market Revenue Increases 15%
The U.S. music market rose 15 percent in revenue, with digital at 74.2 percent of recorded music revenue, reported the International Federation of the Phonographic Industry Tuesday. Paid streaming in the U.S. was 59.4 percent of digital revenue. Subscription audio…
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streams were 37 percent of global revenue ($8.9 billion), followed by physical at 25 percent ($4.7 billion), downloads (12 percent, $2.3 billion), performance rights (14 percent, $2.7 billion), advertising-supported streams (10 percent) and synchronization revenue (2 percent, $400 million). IFPI continues to campaign for “music to be fairly valued in all its forms.” The trade group referenced a 15-year period where music revenue plunged 40 percent due to “widescale digital copyright infringement” and outlined five elements to be addressed so music “continues to thrive”: public policies must recognize that music has value; copyright frameworks must be clear and provide for “legal certainty”; right holders have to be free to decide who can use their music and how; music must be licensed on fair terms; and tools must be available to prevent music from being made available illegally.