Global Music Sales Are Booming Again

A nearly 20-year trend of declining global music revenue was reversed last year thanks to a huge bump in earnings from streaming services, the International Federation of the Phonographic Industry said Tuesday. An increased use of smartphones and services like Spotify and Apple Music helped streaming proceeds grow 45 percent in 2015. Overall global music revenue rose to $15 billion, up 3.2 percent, the trade association said. IFPI Chief Executive Frances Moore said: “After two decades of almost uninterrupted decline, 2015 witnessed key milestones for recorded music: measurable revenue growth globally; consumption of music exploding everywhere; and digital revenues overtaking income from physical formats for the first time.”