The global music industry demonstrated resilience last year, with streaming as the main growth driver.
Worldwide revenue reached US$17.4 billion, up 8.5 percent from US$16 billion in 2016, the Hong Kong Economic Journal reports, citing data from the UK-based media and technology analysis firm MIDiA Research.
Streaming has become the powerhouse for growth in the industry, recording a revenue of US$7.4 billion, or 43 percent of the total, in 2017.
Universal Music retained its market leadership with a revenue of US$5.162 billion, or 29.7 percent.
Sony Music was second place with US$3.635 billion, or 22.1 percent, and Warner Music came in third with US$3.127 billion, or 18 percent, while recording the largest revenue growth rate.
The future of the industry looks bright, according to a report published by MIDiA Research in partnership with the Digital Media Association.
The report, titled Streaming Forward, predicts that paid music subscribers will reach 90.1 million by 2025, almost double today’s figure of 49.1 million.
Copyright violations involving musical work have shrunk over 50 percent since 2013, the report said.
Another significant change is that 54 percent of consumers surveyed prefer playlists to albums, signifying a more personalized style of music experience.
The report also said six of the top 10 music videos on YouTube were in Spanish.
This article appeared in the Hong Kong Economic Journal on April 26
Translation by Jonathan Chong
[Chinese version 中文版]
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