{"id":5939,"date":"2016-03-31T05:09:59","date_gmt":"2016-03-31T05:09:59","guid":{"rendered":"http:\/\/skylight.gr\/administrator_wordpress\/index.php\/2016\/03\/31\/us-recorded-music-market-goes-up\/"},"modified":"2016-03-31T05:09:59","modified_gmt":"2016-03-31T05:09:59","slug":"us-recorded-music-market-goes-up","status":"publish","type":"post","link":"https:\/\/skylight.gr\/index.php\/2016\/03\/31\/us-recorded-music-market-goes-up\/","title":{"rendered":"US recorded music market goes up…"},"content":{"rendered":"

Pushed by a surge in streaming revenues, the US recorded music market was\u00a0up 0.9% to $7.0bn\u00a0at\u00a0estimated retail value\u00a0in 2015. At wholesale value, the market\u00a0was up 0.8% to $4.95 billion, posting growth for the\u00a0for the\u00a0fifth consecutive year,\u00a0according to statistics released today by the Recorded Industry Association of America (RIAA).\u00a0 <\/div>\n
<\/div>\n
Digital accounted for 70% of the overall market by value, compared with 67% in 2014 (excluding\u00a0synchronisation). “The music industry is now a digital business, deriving more than 70% of its revenues from a wide array of digital platforms and formats. The share of revenues from those digital formats surpasses that of any other creative industry,\u201d commented\u00a0RIAA\u2019s Chairman & CEO\u00a0Cary Sherman.<\/div>\n
<\/div>\n
“The US recorded music industry continued its transition to more digital and more diverse revenue streams in 2015,\u201d added\u00a0Josh Friedlander, RIAA’s SVP, Strategic Data Analysis. “The continued growth of revenues from streaming services offset declines in sales of digital downloads and physical product.\u201d<\/div>\n
<\/div>\n
Streaming revenues account for 34.3% of total revenues (against 27% in 2014 and 7% in 2010), exceeding $2bn for the first time, followed by digital downloads (34%), physical sales (28.8%) and synchs (2.9%). For Friedlander, 2015 was “a milestone year for streaming music\u201d as for the first time, streaming was the largest component of industry revenues. He\u00a0added that “all parts of the streaming music market grew in 2015.\u201d Combining all categories of streaming music \u2014 subscription, ad-supported on-demand, and SoundExchange distributions) \u2014 revenues grew 29% to $2.4bn.<\/div>\n
<\/div>\n
Pushed by the launch in 2015 of new services\u00a0such\u00a0as Apple Music and Tidal, paid subscription services were the biggest \u2013 and fastest growing \u2013 portion of the streaming market. In 2015, revenues from paid subscriptions\u00a0grew 52% to $1.2 billion. At the same time, the number of paid subscriptions grew 40% to an average of 10.8 million for the full year, against 7.7m in 2014.<\/div>\n
<\/div>\n
Distributions\u00a0by neighbouring rights society\u00a0SoundExchange, which collects performance rights for\u00a0the\u00a0use of sound recordings by\u00a0non-interactive\u00a0services such as Pandora and Sirius\/XM, grew 4% to $803m, and on-demand ad-supported streaming grew 31% year-on-year to $385m.<\/div>\n
<\/div>\n
Digital download revenues (for tracks and albums) declined 10% to $2.3bn.\u00a0Total value of shipments in physical formats was $2.0bn, down 10% compared to 2015. Vinyl albums continued their ongoing growth with a 32% rise by value at $416m (the highest level since 1988). Synchronization royalties were $203m, up 7% versus the prior year.<\/div>\n
<\/div>\n
“While today\u2019s data is encouraging,\u201d said Sherman, “the challenges facing us are significant. The consumption of music is skyrocketing, but revenues for creators have not kept pace. In 2015, fans listened to hundreds of billions of audio and video music streams through on-demand ad-supported digital services like YouTube, but revenues from such services have been meager?\u2014 ?far less than other kinds of music services. And the problem is getting worse.\u201d<\/div>\n
<\/div>\n
Sherman warned about to what he perceives as an increasing value gap, or\u00a0\u201cvalue grab\u201d, as he puts it, between the volume consume digitally and the revenues coming from the same source.\u00a0For Sherman, “some companies take advantage of outdated, market-distorting government rules and regulations to either pay below fair-market rates, or avoid paying for that music altogether.\u201d<\/div>\n
<\/div>\n
He pointed the finger at AM\/FM radio stations that do not pay\u00a0performance\u00a0rights for the use of sound recordings, satellite radio platforms that pay rights holders\u00a0\u201cunfair and inexplicable\u00a0below market rate standard,\u201d and an outdated\u00a0\u201cnotice and takedown\u201d\u00a0legislation making it almost impossible to police content placed on digital services.<\/div>\n
<\/div>\n
Sherman concluded, “I\u2019m confident that music\u2019s future is bright. The popularity of music is greater than ever. Like never before, it drives our culture and commerce. It is the throbbing heartbeat of social media and it is a must-have ingredient of any major technology platform. But reforms are necessary to level the playing field and ensure that the entire music community derives the full and fair value of our work.\u201d<\/p>\n

Source: Music Week<\/div>\n","protected":false},"excerpt":{"rendered":"

Pushed by a surge in streaming revenues, the US recorded music market was\u00a0up 0.9% to…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[23],"tags":[],"class_list":["post-5939","post","type-post","status-publish","format-standard","hentry","category-music-news"],"_links":{"self":[{"href":"https:\/\/skylight.gr\/index.php\/wp-json\/wp\/v2\/posts\/5939","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/skylight.gr\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/skylight.gr\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/skylight.gr\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/skylight.gr\/index.php\/wp-json\/wp\/v2\/comments?post=5939"}],"version-history":[{"count":0,"href":"https:\/\/skylight.gr\/index.php\/wp-json\/wp\/v2\/posts\/5939\/revisions"}],"wp:attachment":[{"href":"https:\/\/skylight.gr\/index.php\/wp-json\/wp\/v2\/media?parent=5939"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/skylight.gr\/index.php\/wp-json\/wp\/v2\/categories?post=5939"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/skylight.gr\/index.php\/wp-json\/wp\/v2\/tags?post=5939"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}