Music Industry Grows For First Time In 10 Years

2012 was a positive year for the music industry after a decade of decline.

Music Industry Grows For First Time In 10 Years
[Image courtesy of flickr user Robbi O][/image]

The worldwide music industry saw its first increase in revenue in a decade in 2012 , Bloomberg News reported. The surprising increase came as the music business has struggled to contend with piracy, the closing of record stores and declining sales. Despite its woes, the music industry’s revenue grew 0.3% to $16.5 billion, according to the report.

An increase in downloads combined with the popularity of online streaming sites like Spotify helped the increase in the music industry’s revenue. In 2012, digital music sales rose 9% to $5.6 billion, making up 34% of total revenue,

“These are hard-won successes for an industry that has innovated, battled and transformed itself over a decade,” Frances Moore, the chief executive officer at the International Federation of Phonographic Industry, told Bloomberg. “They show how the music industry has adapted to the Internet world, learned how to meet the needs of consumers and monetized the digital marketplace.”

[Photo by Flickr user Robbie O]


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