The global music industry has grown in size for the first time since 1999 - the year that music sharing service Napster was born.
With the rise of streaming services and big global hits from the likes of Adele
, music revenue grew by 0.3% to $16.5 billion. While 0.3% may seem small, it is a vast improvement on 13 years of losses, and the music industry is hailing it as a major success.
"It is hard to remember a year for the recording industry that has begun with such a palpable buzz in the air
," said IFPI (International Federation of the Phonographic Industry) chief executive Frances Moore
(via Hollywood Reporter
The shift from physical to digital continues, with digital sales now accounting for one third of all music sales after rising by 9% in 2012. Subscriptions to streaming services rose by 44% to around 20 million users.
A separate study has found that illegal downloads went down by 26% in 2012. The number of people copying CDs from friends reportedly fell by almost half, and downloads from "digital lockers
" went down by 28%.
"The industry is on the road to recovery
," added Frances Moore, calling it "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
Will the music business continue its recovery? Let us know what you think in the comments.