Paid streaming services drive music revenue growth

The music industry is continuing to evolve with new technology, and a report from the International Federation of the Phonographic Industry (IFPI) shows that revenues of music streaming services made up more than half of the overall recorded music revenue for the first time ever. 

The latest IFPI Global Music Report shows that music streaming revenue accounted for 56.1% of the overall recorded music revenue – a 22.9% increase to US$11.4 billion, predominantly driven by paid streaming services.

As one of the leading music streaming platforms, JOOX has also seen a 22% year-on-year increase in paid subscriptions. The company has also highlighted two upcoming trends in the music industry.

The first trend is the increasing investment in more local singers. Major record labels are collaborating with industry partners, such as music streaming platforms, to support these singers. 

JOOX said its JOOX Originals – a series of music crossover projects which support the local music industry – have demonstrated how JOOX can help local artists to nurture creativity, and build long-lasting mentorships and collaborations.

“It also creates opportunities to continually innovate and engage its users who appreciate services made for their local tastes and lifestyle needs,” JOOX said. 

Another trend is the music industry evolving with new technology. For example, AI machine learning is capable of analysing users’ music consumption habits. Meanwhile, artists can also leverage cloud technology to promote music and to chat with their fans.

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