Global Music Industry Shows First Yearly Growth Since 1999
The global music industry has found its first revenue growrth since 1999. The Independent reports that according to International Federation of the Phonographic Industry chief Frances Moore, revenue grew by 0.3% in 2012. The increase was spurred by an increase in digital revenue thanks to services like Spotify and the global success of acts like Adele, One Direction and PSY.
“The industry is on the road to recovery,” said Moore, who noted that the increase is “a hard-won success for an industry that has innovated, battled and transformed itself over a decade. The music industry has adapted to the internet world and learned how to meet the needs of consumers.”
Moore noted that digital revenue as up 9% and was 34% of global industry revenue. Subscription services for the likes of Spotify are up 44%, which has seen people move away from piracy and toward legal alternatives. Moore did note, “This growth is still fragile. Google needs to prioritise legal sites in its searches. Far from copyright ‘smothering innovation’, music, based on copyright, is driving the digital economy. Music is driving social network sites. The highest number of searches on Facebook and Twitter are for music artists.”