Streaming is basically saving the music industry

Streaming is basically saving the music industry

Streaming services like Spotify and Apple Music have become the biggest contributor to the music industry’s coffers for the first time ever.

In total, streaming generated $7.1bn (£5bn) in 2017, more than sales of CDs and vinyl.

The number of people subscribing to a streaming service topped 176 million, up from 112 million a year before.

The boom helped record labels chalk up a third consecutive year of growth, after 15 years of decline.

According to the IFPI, which represents the global music industry, the music market was worth $17.3bn (£12.4bn) last year, up from $15.7bn the year before.

However, it noted, this is only two-thirds of what the industry made at the peak of the CD era in 1999.

British artists accounted for four of the Top 10 best-selling albums of 2017, with Ed Sheeran’s ÷ topping the chart.

The star’s third album sold 6.1 million copies worldwide, more than twice as many as 2016’s biggest-seller – Beyonce’s Lemonade.

And Bruno Mars’s 90s throwback album 24k Magic made the Top 10 for a second year in a row, with sales of 1 million.

Best-selling albums of 2017 (source: IFPI)
Title and artist Sales (million)
1) Ed Sheeran – ÷ 6.1
2) Taylor Swift – Reputation 4.5
3) P!nk – Beautiful Trauma 1.8
4) Rag ‘n’ Bone Man – Human 1.6
5) Sam Smith – The Thrill Of It All 1.4
6) U2 – Songs of Experience 1.3
7) Kendrick Lamar – Damn 1.3
8) Eminem – Revival 1.1
9) Harry Styles – Harry Styles 1.0
10) Bruno Mars – 24k Magic 1.0

“We fought hard to get here,” said Stu Bergen of Warner Music, “but we are not getting complacent”.

The chief challenge, says the IFPI, is getting fair compensation from websites like YouTube and Facebook, which currently argue they can’t be held liable for any videos uploaded by their users which infringe on copyrighted material.

“There is a structural fault in the system,” said Frances Moore, chief executive of the IFPI. “There’s a mismatch between what platforms are making from [music] and what they’re returning.”

The IFPI is working to introduce legislation in Europe which would put the onus on these websites to offer greater compensation for musicians.

Ms Moore said she was hopeful the UK would “mimic” the legislation if it passed after the Brexit deadline.

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Published at Tue, 24 Apr 2018 12:01:22 +0000