Music Labels Go Gaga for Streaming Services
Thanks to fast growth in Spotify and Apple Music services, the recorded music industry has hit a number of milestones this year. Revenues from streaming on demand over the internet have grown strongly enough to offset declines in physical sales for all three major labels, powering Warner Music towards its highest full-year revenues in eight years. The US music industry is on track for a second consecutive year of growth for the first time since the late 1990s, before piracy and the internet corroded sales.
Source: FT