WHY?

We love music

Music is an essential part of our lives. On average, we enjoy music for 17.8 hours per week. According to IFPI (International Federation of the Phonographic Industry), in 2017, the global recorded music market grew by 8.1%. This was the third consecutive year of global growth and one of the highest rates of growth since IFPI began tracking the market in 1997. Revenues increased in most markets and in eight of the global top 10 markets.
Streaming music is virtually ubiquitous. 86% of us listen to music through on-demand streaming. Even though against the general trend, vinyl LP sales have continuously gone up for the last years. Vinyl records, or LPs (short for Long Play), dominated the music recording industry for most of the twentieth century, holding its own against cassette tapes between the 1970s and 1990s, but sales of the compact disc (or CD), introduced in 1983, outpaced LP sales by the end of the 1980s. But, LPs have been enjoying a comeback in recent years. This is impressive. It is worth to examine in-depth on the global and U.S. recorded music revenues by format.