At the end of 2015, 68 million people were paying for a subscription to music-streaming services like Spotify, Apple Music and their rivals.
A year later, that figure had grown to 97 million, according to industry body the IFPI, which published its annual Global Music Report this afternoon.
Once family plans, where up to six people in a household access a streaming service through one subscription, the number of ‘paid subscription users’ at the end of 2016 rises to 112 million.
It’s this growth in streaming subscription services that’s the driving force behind the recorded-music industry’s overall growth in 2016, with global revenues up 5.9% to $15.7bn.
Within that, streaming revenues – from paid subscriptions and free, ad-supported services – grew by 60.4%. Revenues from physical music sales fell by 7.6%, while those from downloads fell by 20.5%.
2016 was also a tipping point for the industry: the first year when digital music accounted for half of labels’ overall revenues
The 5.9% overall growth follows a 3.6% increase in 2015: two consecutive years of growth, although the IFPI and its major-label members spent a decent proportion of their press conference in London this morning emphasising the 40% decline over the 15 preceding years. ... See MoreSee Less
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