According to industry body IFPI’s Global Music Report 2018, revenues from online streaming services like Spotify and Apple Music have overtaken sales from physical media and digital downloads for the first time.

IFPI further reported that the global recorded music industry is now enjoying its third year of positive revenue growth because of streaming services, with total recording music revenues rising to 8.1% this year at $17.3 billion.

Stu Bergen of the Warner Music Group says that the adoption of paid music streaming services helps the market reach new regions of the world while weaning a generation of music fans away from pirated music.

Source: Reuters

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