We all know that music streaming has grown exponentially in the past year. Now, the International Federation of the Phonographic Industry says this growth in online streaming of artists such as Drake and David Bowie in 2016, led the music industry’s revenues to grow at their fastest rate since records began. NDTV reports that the global market for recorded music grew by 5.9% in 2016, the quickest pace since the IFPI began tracking it in 1997. It is also important to note that the market expanded for a second straight year after losing nearly 40% of its revenues in the preceding 15 years. Further, its recovery was driven by a 60% rise in income from streaming. Moreover, for the first time, digital income accounted for half of the music industry’s revenue.
However, all of this unbelievable growth in streaming has more than offset a 20.5% decline in downloads, and a 7.6% fall in revenue from physical sales.