Music Streaming Market Up 8% to $20 Billion, Down From Peak, Futuresource Reports
The global music market, driven by subscription streaming, will grow by 25 percent between 2016 and 2021, but at a value “significantly lower than its peak in the early 2000s,” Futuresource reported. Consumer spending on recorded music grew 8 percent…
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in 2016 to $19.8 billion, said Futuresource Wednesday, on track to approach $25 billion within five years, offsetting annual losses in downloads and packaged music sales. Spotify, which announced a new multiyear global license agreement with Universal Music Group Tuesday, is leading streaming music providers with 130 million users.