The IFPI has published the digital music report today, full details of which can be found here. Over the past number of years there has been a large shift from physical media in the form of CD’s (I know, so old fashioned now am I right?) to a digital environment where users download media direct to their devices from services like iTunes or Google Play. Music streaming services are also on the rise now with Spotify leading the industry and an array of new platforms arriving from other companies looking to compete.
Key findings from the report are that;
- Digital music revenue is now on par with physical media globally
- Global industry revenue down 0.4% to US$14.97 billion in 2014
- Subscription services are now at the heart of music portfolio business
The report cites that digital revenue has in fact risen 6.9% representing 46% of all global music sales and underlying the deep transformation in the music industry over the past few years.
The news is being welcomed by online music companies such as Deezer. Deezer is an on-demand audio provider which offers digital music streaming services to more than 180 countries with 16 million monthly active users and 6 million paid subscriptions. The service offers a selection of over 35 million tracks and 30,000+ radio channels.
Deezer provides fans the music they love through editorial recommendations and helps fans to discover new music that they love. Deezer say that you can sit back, relax and play hit after hit while letting their editors curate your music for you.
In the past year they have rolled out Deezer Elite which provides high definition sound quality at 1,411kbps through Sonos multi-room systems. The Elite service is the largest global high definition music streaming service available in more than 150 countries.
Deezer says that their deal with Sonos allows them to cater for audiophiles who want high quality sound and a premium service for a little extra cost. Deezer CEO, Hans-Halger Albrecht had the following to say on the future of music streaming following the report;
“There’s a huge opportunity to bring new listeners to the category by providing personalised lean back listening experiences. We’ll see more innovation and improved music discovery as streaming becomes the primary method of consumption within the next five years.”
The report shows what we all suspected really, the digital age is in full swing. I can’t remember the last time I actually bought a CD.
About The Author
Mark is the founder of 60 Second Social media where he provides social media news and digital marketing analysis. You can follow him on Twitter here. You can also follow 60 Second Social on Twitter here. Or you can drop Mark an email at, [email protected]