A fresh report shows that worldwide music revenue grew by a mouth-watering $1.4 billion dollars in 2017 with a total annual growth rate of 8.5%.
These epic figures well and truly put to bed the many misconceptions that the music industry has been rapidly declining for over a decade.
A significant portion of this growth may be attributed to companies such as Spotify and Apple Music, whose paid subscription services totalled $7.4 billion in 2017 (those of us who pay for such such subscriptions deserve a nice little pat on the back!).
Significant revenue growth statistics are as follows:
– Universal Music Group: $5.2 million (29.7%)
– Sony Music: $3.6 million (22.1%)
– Warner Music: $3.1 million (18%)
– Independents: $4.8 million (27.6%)
However, the most interesting story within this growth is of artists without labels, who were the fastest growth segment in 2017. This includes revenue artists generated via platforms such as Believe Digital’s Tunecore, CD Baby and Bandcamp, who generated a whopping $472 million in 2017.
I know you are probably thinking – what can i do to make these figures even higher. Well, continue purchasing vinyl, support your local artists, attend gigs and most importantly, love music!
If you are a visual learner, check out this graphic below: