Streaming music is going to officially take over the world this year

Streaming sector has grown by 34 per cent to reach $8.9 billion in 2018. — Online  File

Streaming sector has grown by 34 per cent to reach $8.9 billion in 2018. — Online File

The IFPI's report also revealed that Latin America is the fastest-growing region for music revenues, up 16.8% year-on-year, with Brazil (+15.4%) and Mexico (+14.7%) growing strongest.

Streaming music on platforms like Spotify, Apple Music, Deezer and Tidal grew by 34% in 2018 compared to the previous year, and accounted for nearly half (47%) of global music revenue, according to a new report by the worldwide music industry body the IFPI.

Streaming music, especially paid subscriptions, a year ago once again fueled the recording industry's global growth, lifting worldwide revenue 9.7 percent to $19.1 billion in 2018, according to the music industry's worldwide trade group Tuesday. This marks the recorded music industry's fourth consecutive year of growth. The sale of physical formats, primarily CDs, fell by 10% to $4.7bn, accounting for 24.6%.

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Paid subscriptions, in fact, were the biggest slice of streaming sales, making up 32.9 percent of global revenue, IFPI said. Income from ad-supported music, such as commercials running around YouTube music videos, accounted for a 10th of the global total.

Sometime this year, streaming music should achieve actual world domination. YouTube says it paid $1.8bn in ad revenue to the music industry previous year. "Above all, we are working to ensure that music continues its exciting, global journey".

The Association for UK Interactive Entertainment (Ukie) said digital and online revenues - from fans paying to download games or spending on items to enhance games - grew by a fifth to a record £2bn a year ago.

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