There’s no stopping the music industry’s digital transformation, based on recent research. According to data from the International Federation of the Phonographic Industry (IFPI), digital music revenues worldwide rose nearly 7% last year to hit $6.85 billion, tying physical sales in share for the first time, at 46% each. The remaining 8% was from performance rights and synchronization.
Just like in the US, IFPI found that streaming services—made up of subscription and ad-supported streams—were a key driver of global digital music revenues, accounting for 32% of the total, compared with a quarter in 2013.
Subscription services were the star when it came to digital music revenues, rising 39.0% globally last year to $1.57 billion. This equates to nearly one-quarter of digital music revenues, vs. 18% in 2013. IFPI estimated that the number of people who paid for music subscriptions last year was 41 million, up 46.4% year over year. Read the rest at eMarketer.