streaming now makes up most us music industry revenue
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

In nearly 20 years, figures showed Thursday

Streaming now makes up most US music industry revenue

Arab Today, arab today

Arab Today, arab today Streaming now makes up most US music industry revenue

Spotify is one of the services that made streaming the largest source
New York - Arab Today

Streaming for the first time accounted for most recorded music revenue in the United States last year, bringing the industry its fastest growth in nearly 20 years, figures showed Thursday.

While the breakneck expansion is welcome news for a long-beleaguered music industry, overall revenue is still half the level from the late 1990s before the revolution in online music.

The Recording Industry Association of America said that overall revenue soared by 11.4 percent in 2016 from the prior year to $7.7 billion, the heftiest annual gain since 1998.

The money from paid subscriptions to streaming services such as Spotify, Apple Music and Tidal more than doubled in the last year alone, the industry body said.

With the growth, streaming accounted for 51 percent of the music industry's revenue in 2016, up from just nine percent in 2011, it said.

Streaming options have been rising for consumers, with Apple entering the market in 2015 and online retail giant Amazon recently launching a service.

The trends in the United States, the world's largest music market, show a sharp escalation of global trends in recent years.

The International Federation of the Phonographic Industry, the London-based global body, similarly reported historic growth in 2015. It is set to release 2016 global figures in the coming weeks.

But streaming -- which allows users to select any song on-demand online -- has led to casualties among other formats, which have historically been bigger money-makers for artists.

US revenue from digital downloads on platforms such as iTunes plummeted 22 percent last year and CD sales fell by a similar 21 percent.

One exception was vinyl, which has experienced a rebirth thanks to interest among serious collectors. But vinyl was up only by four percent, still growing but at a more modest pace.

- Calls for legal changes -

Major record labels have hailed streaming as a new way to boost the industry after years of struggles starting with the craze of illegal downloading in the 1990s.

But some artists complain that they earn little from the boom in streaming, with a sliver of the revenue heading back to musicians even if they now enjoy a welcome new outlet for exposure.

Cary Sherman, chairman and chief executive of the US recording association, hailed the 2016 growth but cautioned about the future, noting that the expansion came after years of decline. 

"As excited as we are about our growth in 2016, our recovery is fragile and fraught with risk," he wrote in a blog post. 

"The marketplace is still evolving, and we've experienced unexpected turns too many times before." 

With CDs and downloads in free fall, "much rides on a streaming market that must fairly recognize the enormous value of music," he wrote. 

The music business has ramped up its campaign to reform the Digital Millennium Copyright Act, the 1998 US law that generally exempts internet providers for content on their sites. 

The recording industry argues that the law, whose principles are largely applied in Europe as well, needs to be stronger to force online behemoth YouTube and its parent Google to take more aggressive action to bring down unauthorized music.

Ironically, while music stars are overwhelmingly critical of US President Donald Trump, some industry players believe there is a greater chance of reform friendly to copyright holders with the Republican Party in control of the White House and Congress.

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

streaming now makes up most us music industry revenue streaming now makes up most us music industry revenue

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

streaming now makes up most us music industry revenue streaming now makes up most us music industry revenue

 



GMT 12:48 2016 Sunday ,27 November

Cilic, Dodig push Croatia to brink of Davis Cup

GMT 05:24 2017 Thursday ,28 December

Erdogan says 'terrorist' Assad cannot be part of Syria

GMT 12:59 2016 Saturday ,05 November

WB welcomes economic reforms in Egypt

GMT 18:40 2016 Saturday ,05 November

Egyptian GDRs in London down

GMT 10:57 2017 Wednesday ,06 December

Peru striker Guerrero has doping ban extended

GMT 17:51 2017 Tuesday ,07 March

Trump Signs New Travel Ban on Six Muslim Countries

GMT 10:30 2017 Wednesday ,06 September

Saudi Information Ministry praises media role during Hajj

GMT 15:29 2017 Tuesday ,24 January

Mind games really do help your brain

GMT 06:55 2015 Thursday ,01 October

Boston Red Sox beat Yankees

GMT 08:17 2017 Monday ,28 August

Bahrain celebrates World Humanitarian Day 2017

GMT 02:07 2017 Tuesday ,28 February

Opposition seeks Russian support at Syria talks

GMT 11:06 2017 Wednesday ,27 December

Bahrain tourism projects valued at over $ 13 billion

GMT 20:35 2011 Tuesday ,10 May

New exhibition of Islamic ornaments

GMT 19:52 2016 Friday ,19 August

Nice joins wave of French towns banning burkinis

GMT 03:46 2017 Wednesday ,06 September

US-backed Syrian forces seize Raqqa mosque

GMT 22:22 2017 Friday ,15 December

BDF Military Museum open on National Day

GMT 09:47 2015 Wednesday ,02 December

Ryanair launches court action against Google, eDreams

GMT 10:46 2017 Wednesday ,22 March

Japan's February trade surplus hits multi-year high
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday