New York: Earlier in the week MIDiA released the global market share numbers for the major and Indie label sectors and yesterday the media and technology research company released upbeat data on the growth of the market overall.
According to data blogged by MIDiA analyst, Mark Mulligan, the recorded music market grew by 7% in 2016, adding US$1.1 billion, reaching $16.1 billion, by far the largest growth the recorded music business has experienced since the pre-Napster era.
Mulligan continues, stating that while it is too early to state that the corner has been turned, this is clearly a turning point of some form for the business.
"Underpinning the growth was streaming which grew by 57% in 2016 to reach $5.4 billion, up from $3.5 billion in 2015. Spotify has been key to this growth, accounting for 43% of the 106.3 million subscribers at the end of 2016. 2017 should see further strong streaming growth with another 40.3 million subscribers added, more than the 38.8 added in 2016. Apple Music and Deezer also both contributed strongly to growth and market share. Additionally, Amazon upped its game in 2016 and the introduction of the $3.99 Amazon Prime Music Unlimited Echo bundle could open up swathes of new, more mainstream users..." -- continue reading Global Recorded Music Revenues