For the first time in 13 years, the music industry saw an increase in its global revenues. According to the Hollywood Reporter, the industry generated $16.5 billion last year, marking an increase of .03%. It’s a small but significant feat for an industry ravaged by decreasing record sales and piracy for most of the 21st century.
Revenues from digital downloads provided a significant chunk of the industry’s revenue, accounting for $5.6 billion. Music streaming services like Spotify and Rdio also bumped revenues as their total number of subscribers grew 44% to 20 million worldwide.
What’s more, a new study from the NPD Group reports that music file sharing has declined “significantly”. In 2012, 11% of Internet users downloaded music using a P2P service, down nine percent from 2006.
