Global recorded music revenue reached $17.4 billion (£12.2bn) in 2017, a year-on-year increase of 8.5%, according to MIDiA Research.
The trade value figures have been issued ahead of the IFPI’s own international music report next week (April 24).
Based on the MIDiA report by analyst Mark Mulligan, the music industry’s return to growth – driven by streaming – means it has almost reached the level it was at in 2008. The $1.4bn (£984 million) in growth for 2017 follows a $1bn (£703m) increase in revenue in 2016.
Streaming revenue increased by 39% year-on-year to reach $7.4bn (£5.2bn). It now accounts for 43% of all revenue.
MIDiA also singled out the expansion in revenues for artists from direct sources bypassing labels such as Tunecore, CD Baby and Bandcamp. With a 27.2% uplift in revenues, it was the fastest growing segment of the industry.
Thanks to the success of artists including global No.1 seller Ed Sheeran, Warner Music Group experienced the biggest rate of revenue growth with $3.13bn (£2.2bn) and a market share of 18%.
Universal Music Group was market leader with revenues of $5.2bn (£3.65bn), representing 29.7% of the market. Independents represented 27.6%, though that doesn’t take into account indie revenues that went through distributors owned by majors.
FOLLOW 
