According to this year's recently released Global Music Report by The International Federation Of The Phonographic Industry (IFPI), streaming now accounts for half of the industry's annual global revenue.
They note that global music sales grew 5.9% last year, as well as a 60.4% rise in streaming revenue, while downloads (-20.5%) and physical formats (-7.6%) declined in popularity. The addition of streaming platforms in densely populated countries last year - China, India, and Mexico- helped explain a major cause of the increase in popularity for streaming.
The report still pushed that streaming still have their own issues to deal with, citing Youtube as a major issue for artists. Spotify reportedly pays $20, on average, to record companies per user, to YouTube's less than $1. However, the report overall showcases a positive direction for the industry, as until 2015, they had been suffering a 40% decline in revenues since 2000.
Frances Moore, the IFPI's chief executive was quoted noting-
"The industry's growth follows years of investment and innovation by music companies in an effort to drive a robust and dynamic digital music market," she said. "Music's potential is limitless, but for this growth to become sustainable—for investment in artists to be maintained and for the market to continue to evolve and develop—more must be done to safeguard the value of music and to reward creativity."
Things seem to be looking up for the overall for the music industry, and with the right moves, streaming might truly save the industry.