Streaming now makes up nearly 50% of the music industry's revenue

02 April 2019, 16:18 | Written by Cerys Kenneally

(News)

Streaming now brings in nearly 50% of all revenue in the music industry, which is at its highest peak in a decade.

New research by the International Federation of the Phonographic Industry (IFPI) shows that revenue across the music industry is at the highest in a decade, now worth $19billionn (£15billion).

Streaming is to thank for the increase in revenue, having grown in the past decade from $40million (£30.7million) to almost $9billion (£6.9million).

As a graph on the BBC shows, streaming from Spotify, Apple Music, and other platforms, makes up 46% of all revenue in the industry for 2018.

The overall revenue in the industry increased by 9.7% in 2018, with vinyl sales increasing by 6% last year, which contributes to 3.6% of the whole market.

Meanwhile, 2018 saw a 10% drop in CD sales, alongside a 21% decrease in digital sales.

The Greatest Showman, BTS, and Lady Gaga topped the IFPI Best-selling albums of 2018 chart, while Drake, BTS, and Ed Sheeran bagged the top three positions in the Best-selling artists of 2018 chart.

According to Billboard, the US is still the biggest music market in the world, followed by Japan, and the UK in third place. Germany is currently fourth, followed by France, while South Korea has moved to sixth place.

Read the full statistics from the IFPI Global Music Report 2019 over at ifpi.org.