Although 2014 saw strong growth in music streaming, dips in music sales, both physical and digital led to a drop in music revenue as a whole. According to the International Federation of the Phonographic Industry’s (IFPI) annual “Digital Music Report” global music industry sales in 2014 fell 0.4 percent to $14.97 billion, however many executives are optimistic.
According to Billboard “global digital revenues grew 6.9 percent to $6.85 billion in 2014, with revenues generated by subscription services alone climbing by 39 percent year-on-year, to total $1.57 billion. That growth was, however, offset by an 8.1 percent drop in physical sales and an 8 percent fall in download sales.“
This has been the second year of falling music sales since 2012’s 0.3 revenue increase (which had been the first year of growth since 1999.)
For the full article, see Billboard.com