Music business hits high notes
Industry continues to claw back ground lost to the internet
The global music industry soared a record 8.1% last year as digital sales for the first time made up the majority of revenue thanks to the streaming boom. Recorded music grossed $17.3-billion (about R215.5-billion) in 2017 with digital music - until last year roughly equal to physical sales worldwide - amounting to 54% of the revenue, the International Federation of the Phonographic Industry said in its annual report released this week. The 8.1% growth marks the third consecutive year of expansion and the fastest pace since the IFPI began compiling data, the group's CEO, Frances Moore, told reporters on a conference call. But the industry still is only about two-thirds of the value it was in the 1990s before the rise of the internet and the scourge of pirated music sent the music business into a 15-year slump, Moore said. The resurgence is almost entirely due to the rapid growth of streaming services including Spotify, Deezer and Apple Music, which have given the industry a badly ne...
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