Boutique media and technology analysis company MIDiA Research recently released a report indicating that global music revenues grew by $1.4 billion in 2017, ascending to $17.4 billion in trade values. 2016’s revenues weighed in at $16 billion, signaling an annual growth rate of 8.5% between years. Although 2017’s revenues registered just under the $17.7 billion charted in 2008, the figure nonetheless underscores the music industry’s fiscal expansion.
Much of the growth can be attributed to music streaming, responsible for a 39% year-on-year revenue increase. Streaming additionally pulled in $2.1 billion, putting streaming at the $7.4 billion mark, causing streaming to represent almost half of all revenues.
Universal, Sony, and Warner Music lead the market at $5.1 million, $3.6 million, and $3.1 million respectively, or 29.7%, 22.1%, and 18% of all revenues, individually. Independent labels raked in $4.7 million in revenues, 27.6% of the whole picture. Direct distribution platforms geared towards independent artists like TuneCore, CD Baby, and Bandcamp accounted for the “fastest growing segment” in 2017, recording a year-on-year growth of 27.2%. Altogether, three companies collected $472 million in revenue, an increase that exceeds $100 million when compared to the $371 million that the entities garnered in 2016. When evaluated in tandem with independent labels, artist direct signify 30.3% of global recorded music revenues in 2017.