This graph depicts the global revenue of the music industry from 2002 to 2015. In 2011, the total revenue of the music industry amounted to 15.5 billion U.S. dollars, down from 15.7 billion a year earlier.
The global music industry – additional information
br> Data on the growth of the global music industry revenue between 2013 and 2018, broken down by category, places digital music at the forefront of the marketplace. Between 2013 and 2018, digital music streaming is expected to grow by 13.4 percent on an annual basis and digital music downloading is expected to grow by 3.3 percent in the same period. In comparison, physical recorded music is expected to suffer and will fall by 8 percent annually.
The revenue generated by the digital music industry worldwide is expected to grow between 2014 and 2019. In 2014 it was estimated that the digital music revenue would reach 12.3 billion and rise to 13.9 billion U.S. dollars by 2019.
Nonetheless the dominance of digital music has not made traditional music formats defunct just yet. Take for example the revenue of vinyl record sales worldwide from 1997 to 2013. Back in 1997, the sale of vinyl records generated revenue of 144 million U.S. dollars worldwide. By 2006, this figure had dropped to a dismal 34 million U.S. dollars worldwide. Yet in 2013, the trend shifted and sales of vinyl records reached a healthy 218 million U.S. dollars worldwide, an amount which had been steadily rising since 2007 which indicates a spectacular revival for the phonograph record.