Music industry revenues worldwide – additional information
The worldwide music industry revenue is often broken down by digital, physical, performance rights, and synchronization revenues. A forecast made in June 2016 of the compound annual growth rate of global music revenue between 2015 and 2020, by category, outlines which sectors of the industry are expected to perform well. It was predicted that digital music streaming revenue would grow by 21.65 percent annually. However, it was estimated that digital music downloading would decrease by 14.26 percent annually in the presented period and physical recorded music revenue is expected to experience a 12 percent reduction annually.
Digital music’s expected dominance does not necessarily render traditional music formats defunct. Vinyl or LP records, which have been played since the 1920s, have had their worldwide sales recorded from 1997 to 2015. In 1997, vinyl records generated 137 million U.S. dollars. However by 2006, their popularity appeared to have diminished as revenue dropped to a low of just 34 million U.S. dollars. Surprisingly, the traditional format has undergone a revival as worldwide sales generated a record 416 million U.S. dollars in 2015.