News

Music industry revenues increase for the first time in 13 years

on February 26, 2013, 11:50am

music industry big 31 Music industry revenues increase for the first time in 13 years

For the first time in 13 years, the music industry saw an increase in its global revenues. According to the Hollywood Reporter, the industry generated $16.5 billion last year, marking an increase of .03%. It’s a small but significant feat for an industry ravaged by decreasing record sales and piracy for most of the 21st century.

Revenues from digital downloads provided a significant chunk of the industry’s revenue, accounting for $5.6 billion. Music streaming services like Spotify and Rdio also bumped revenues as their total number of subscribers grew 44% to 20 million worldwide.

What’s more, a new study from the NPD Group reports that music file sharing has declined “significantly”. In 2012, 11% of Internet users downloaded music using a P2P service, down nine percent from 2006.

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