About This Statistic
This graph depicts the revenue of the music industry worldwide from 2002 to 2014, broken down by category. In 2004, revenue generated by digital music amounted to 0.4 billion U.S. dollars.
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 2014 of the compound annual growth rate of global music revenue between 2013 and 2018, by category, outlines which sectors of the industry are expected to perform well. It was predicted that digital music streaming revenue would grow by 13.4 percent annually and digital music downloading would grow by 3.3 percent annually in the presented period. Physical recorded music revenue however, is expected to experience an eight percent reduction annually.
Digital music’s success has been measured using the share of digital in the global music industry revenue in 2008 and 2012 with a subsequent forecast for 2015. In 2008, digital accounted for a 21 percent share of the industry’s total revenue. Four years later, this share had increased to 39 percent and by 2015; digital is expected to account for an impressive 80 percent of the music industry’s global revenue.
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 2013. In 1997, vinyl records generated 144 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 218 million U.S. dollars in 2013.