|Policy
2017 was a stellar year for the recorded music business. Global recorded music revenues reached $17.4 billion in 2017 in trade values, up from $16 billion in 2016, an annual growth rate of 8.5%. That $1.4 billion of growth puts the global total just below 2008 levels ($17.7 billion) meaning that the decline wrought through…
The music industry is streaming forward. In 2017, we saw an astounding 63 percent increase in subscription streaming revenue.1 Both subscription and advertising-supported music services saw significant increases in revenue earned and royalties generated. Thanks to streaming, the industry is poised for sustained growth in the future. DiMA members
U.S. digital revenue grew 15 percent in 2017 to $6.5 billion from $5.65 billion, driven largely by a 53 percent increase in streaming to $3.4 billion from 2016’s total of $2.2 billion.
On average, between 60% and 73% of all data within an organization doesn’t get used for analytics, according to a 2016 survey by Forrester. The same report also stated that “the potential of most data lies dormant.”
After a 20-year decline, we are seeing growth—in fact, double-digit growth. Music is being created and consumed at a higher rate than ever before.
Research from The Smart Audio Report Fall/Winter 2017 revealed how voice activation in the home is fueling adoption of smart technology broadly – including smart home applications – and affecting how often consumers engage with other platforms throughout the day, including television.
Streaming music consumption continues to ramp up, not slow down. Mid-way through the year, the RIAA (the Recording Industry Association of America) released statistics on the US music industry, and during the first half of 2017, revenues from streaming services accounted for 62 percent of the total market.
Playlist professionals have replaced radio DJs as the new power brokers, as streaming services’ ready-made song lists become hitmakers.
Consumers are flocking to music, with streaming becoming the preferred channel of choice. The latest study from Nielsen Music shows 90 percent of the population listens to music and that, on average, they do so 32.1 hours a week.
On average, Americans spend just over 32 hours a week listening to music in 2017, up 5.5 hours over last year. How is this possible? Technology. At home, at work and traveling in between, people are consuming more music than ever before, from more devices.