The increase in the consumption of digital music has led to an increase in the growth of music revenues for the third consecutive year.
According to a new music industry report from MiDuA Research, worldwide recorded music revenues amounted to $ 17.4 billion in 2017 compared to revenues of $ 16 billion in 2016. Of this, 43% of the revenues were generated by transmission, which is $ 7.4 billion, an increase of 39% year after year.
Conventional revenue generation formats such as physical albums and downloads have seen a drop of around $ 783 million, according to the report.
The United States specifically became the largest online transmission market in the world. According to the report, 40% of total revenues are accounted for, only by the States. The report also predicts that the number of paid subscribers will reach 90.1 million in 2025.
India in the race
With the release of Amazon Music along with existing music from Google Play, Saavn, Apple Music and more, the Online music streaming in India has seen a high adoption rate. We hope it will also show rapid growth in the coming years.
It is also said that Spotify plans to install Indian operations to enter the growing industry. His arrival will increase competition by allowing Indians to choose from a wide range of music collections.
Not only music, but also online video transmission has experienced an increase in recent years in the country. It remains to be seen if India becomes a major contributor to growth and how the Indian music industry will be affected by online adoption.