Streaming has led to the growth of the music industry in markets that were not necessarily viewed as profitable or mainstream in the past. According to Charles Caldas, CEO at Merlin, the emergence and global growth of streaming services has created a truly global marketplace for its labels, regardless of where they are from.
“Not only are we seeing labels from the West discovering significant new audiences in South America, Asia and Russia, we are equally seeing labels in South America and Asia finding audiences in the West. We are only just starting to understand the impact of this global marketplace, but we feel strongly that for our labels, the streaming market is delivering revenues from previously untapped markets, and opening the market to new players in a way that is unprecedented in the music business,” he added.
According to the IPFI Global Music report, year-on-year streaming revenue saw a growth of 60.4 percent in 2016 driven by the 112 million users of paid music streaming subscriptions. Growth in streaming more than offset a 20.5% decline in downloads and a 7.6% decline in physical music revenue over the same period.
Record companies have continued to fuel this revenue growth through ongoing investment, not only in artists, but also in the systems supporting digital platforms, which has allowed for the licensing of over 40 million tracks across hundreds of services. [Source: IPFI Global Music Report 2017]
Jasper Donat, Co-Founder & CEO of All That Matters organiser Branded, said: “The music business has recorded one of the most stellar comeback stories of all time and Music Matters will be celebrating its renaissance. From almost zero to digital hero the music industry is driving the entertainment agenda, causing other media and entertainment industries to sit up and take notice.”
“The Music Matters conference is presented by Tencent and this year showcases the game-changers in China plus the global streaming platforms that have driven growth alongside multi-national brands,, we’ve got the entire music ecosystem covered and fully expect their cousins in sport, online entertainment and gaming to learn a lot from the music programme this year,” he added.
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