Interesting facts in music industry

Music industry is an industry which individuals or companies create and sell the music to everyone across the world. It includes musicians or singer who creates and perform the music, and the companies that sell recorded music. For example, Ed Sheraan, Taylor Swift, Shazam, Spotify and more. According to IFPI (it represents the recording industry worldwide), US has made $15 billion in 2014 by selling recorded music globally. Surprisingly, 46% of the total revenue comes from digital channel such as ad-supported services, subscription services, and download sales. Besides, the revenues from physical format sales has declined dramatically. With the advanced and improving technology we currently had, we believe that digital channel will dominates the total sales in this industry. I am often quite surprised at that these numbers are so high due to the prevalence of piracy. Without piracy, I believe that digital revenue could be substantially higher. Who knows? Maybe it will be the main method of revenue in the industry!

Source: http://www.ifpi.org/global-statistics.php

Original content posted by Han Seng Tan with reference to: Ifpi.org, (2015). Global Statistics “IFPI” Representing the recording industry worldwide. [online] Available at: http://www.ifpi.org/global-statistics.php [Accessed 17 Sep. 2015].