Music Revenues Up Thanks to Digital Services Like iTunes

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The music industry has seen its first growth in 13 years thanks to digital music services like iTunes, says a report.

This is the first industry growth since 1999. The information was gathered by the International Federation of the Phonographic Industry (IFPI), according to website AppleInsider.

Here’s a portion of the report:

Revenues for digital music rose nine percent to $5.6 billion in 2012, with the industry on the whole posting $16.5 billion in revenue. That’s a far way off from the $38 billion the industry posted at its peak in 1999, but industry members and observers believe even the small growth seen for 2012 is an encouraging sign

The report also says that Apple is the top music provider throughout most of the world, and the US. Spotify is right behind it. Spotify’s increased popularity also signifies a new trend in the music business. The subscription model is gaining popularity.

While the report states that piracy is still a concern, the biggest factor in music’s success may be that listening to music in a legitimate way has become easier and more reliable than pirating the music.

 

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