In recent years, with technological advances, the music industry has changed greatly. Although record sales have collapsed, the music market has seen its revenues increase by almost 10% in 2018, generating $19.1 billion in sales worldwide. A look back at the music industry’s 2018 balance sheet with French singer Marlène Duval.
A music industry that has transformed itself
The global music market has been growing for four years now. However, this sector is not at all the same as it was in the 2000s. Indeed, since then CD sales have decreased by 10.1% in 2018 and downloads have generated 21.2% less revenue compared to 2017.
A music sector driven by streaming
From now on, the music market is driven by streaming. It alone will account for 47% of the sector’s revenues in 2018 (data provided by the International Federation of the Phonographic Industry (IFPI)). Thus, platforms such as Deezer or Spotify generated almost $9 billion in revenue. These revenues are mainly due to paid subscriptions.
In France, there are 5.5 million people who subscribe to this type of service. Moreover, you can find Marlène Duval’s latest single, Emmène-moi, on Deezer, Stotify and iTunes since March 29, 2019. The release of her first solo album is scheduled for the end of 2019.
