Digital boom for global music business • Mp3bullet
The way we listen to music has changed down the years. We don't buy casettes anymore. Heck, few of us even buy music. We either subscribe to an app that offers us the music we need or just go to YouTube. If you have an Android phone, you have the Google Play Music App installed on it. If you mark a song with a ‘thumbs down’ it does not play when you opt for the ‘shuffle all’ option. There are various such examples that are present today that cater exclusively to personalization.
Additionally, we would use our smartphones for everything from music to playing games to even online betting. Betting with Yanga, for instance, is popular among today's youth as they find it an easy way to make money. All they need to do is to make the right prediction on the sport they love, and they can win big each time it comes out right.
The music business has seen a global boom in the last few years. If we talk about 2017, the music industry globally witnessed an increase in the percentage of 8.1 in digital record sales that garnered them a lot of revenue. This massive resurgence of the global music industry can be attributed to the rapid growth of services such as Spotify, Apple Music and Deezer that have lent a new face to the streaming services.
According to a recent report, close to 176 million people throughout the entire world loosened their pockets to pay for streaming subscriptions. Every year, we witness a staggering 64 million soul around the world subscribing to these streaming services on a massive global level. This in itself sheds ample light on the relentless digital boom in the global music scenario.
Let’s check out a few examples in this regard for more clarity:
1. Sweden saw huge progress in ensuring that streaming gained universality through a massive expansion of the global music industry including in the emerging economies.
2. Talking about China, as we saw international labels penetrating the colossal music industry, there was a substantial jump in the revenue of 35.3 percent. That said, China stands merely tenth on the list of the largest music markets in the world.
3. When we talk about revenue, the biggest growth in the world was seen in Latin America. Countries like Brazil, Peru, and Chile saw a huge bump in revenue (17.7%), thanks to the plethora of streaming services readily available for everyone. However, reports warn, that there is indeed, a lot more to be accomplished in the Latin American market in terms of reaching the consumers who do not necessarily own credit cards.
4. This list would be incomplete without talking about the worldwide phenomenon, Ed Sheeran. His hit singles and global smashes include Galway Girl, Perfect, Castle on the hill and Shape of you. The song Shape of you was recognized as the bestselling single of 2017 on a global scale.
The digital boom for the global music business is bound to increase in future. And with internet speeds rising up around the globe, it won’t be long before we have more forms of fusion music coming up.