DID YOU KNOW?
Did you know that the music industry is experiencing a steady growth over the last three years because of music streaming apps like Spotify and Apple Music? The International Federation of the Phonographic Industry reported that in 2017, music sales rose to $17.3 billion, driven by the 176 million paying subscribers worldwide, 64 million of which just registered in 2017. According to music news website Recode, the music industry is picking up a sustainable growth trend since it fell down from a $25billion business in 1999 to a $14.9billion business in 2014. Last year, streaming dominated the market with a 38% share at $6.6 billion, with physical sales placing second with a 31.7% share at $5.5billion. North America supported much of the growth since the streaming industry is growing 50% year-on-year from 2014. If there is a downside to the music industry's path to recovery is the downtrend of the sales of physical music, from being worth $14 billion in 2007 to just $5.2billion in 2017. In terms of artists, hip-hop and RnB icons like Diddy ($130million), Beyonce ($105million), and Drake ($94million) topped the list of the 10 best-paid musicians in 2017. Veteran rock bands like Guns N' Roses ($84million) and Metallica ($66.5million) also made it to the list.