On April 12th 2016, the International Federation of the Phonographic Industry (IFPI) released its global music report which revealed that there had been an increase of 3.2 % in music industry revenue for 2015. The increase was to the tune of $15 billion. Such an increase had not been experienced since 1998, and was due in large part to the success of paid music subscription services.
The report further revealed that 2015 saw digital overtake physical formats, such as CDs, to become the primary revenue stream for recorded music, for the first time. Streaming revenue alone was up 45.2 %. This amounted to $2.9 billion, which was about half of the total global digital revenue. The number of paid music subscribers in 2015 rose to 68 million which was up from 41 million in 2014.
The IFPI's report also noted the music industry's concern over what it called a widening, "value gap." The report went on to say, that while music is being consumed at a record rate, the remuneration to artists and record levels is not keeping pace. The problem is the amount of music that is being consumed on free and user upload sites. The report stated that a true return to form for the music industry can't be made until artists, labels, and rights holders are duly compensated.
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