Revenue Music Industry History

This brought out litigation from a number of musicians and record companies who claimed they were losing revenue from people sharing the music instead of legally purchasing it.

Revenue music industry history. 40 years of music industry sales. According to a 2020 study exploring the global music industry worldwide live music sponsorship revenues will amount to 6 28 billion u s. This is money that has slipped through the cracks as music consumption has rapidly expanded to all corners of the internet and our mobile devices in the past decade. 8 tracks took a short lived run at the dominance of vinyl cassettes faded away as compact discs took the world by storm and through it all the music industry saw its revenue continue to climb.

Founded in 1999 by sean parker john fanning and shawn fanning it began as a peer to peer file sharing service where users could share their mp3 music files with others. And although goldman s latest music in the air report projects a 25 drop in global music revenue in 2020 and a 75 revenue plunge for the live industry this year to 7 billion it. The recording industry association of america riaa revealed in its 2015 earnings report that streaming services were responsible for 34 3 percent of the year s u s. Recorded music industry revenue growing 29 percent from the previous year and becoming the largest source of income pulling in around 2 4 billion.

The music industry in 1977 dominated by vinyl sales looks a lot different than the music industry in 2020. That is until it was digitally disrupted. The record industry has seen a lot of change over the years. But the industry is missing out on fully exploiting this major revenue even as every consumer sees themselves as a content creator according to the rising power of ugc report by uk s midia research in partnership with audible magic.

User generated content is growing so rapidly that it will be worth us 6 billion to the global music industry by 2022 with rightsholders to share in 3 2 billion.