Good news for all you struggle rappers out there: the music industry has stopped imploding and actually grew last year.
And not just the digital side of the business, either, though that played a major roll in its resurgence. According to music industry trade group IFPI, worldwide music sales saw a 0.3 percent bump, to $16.5 billion. This is the first time the worldwide music industry has seen growth since 1999. Or, as All Things D's Peter Kafka put it, the first time since "the Napster era."
So, what's to attribute to the slight bump? Here's a hint: it's not vinyl. Digital sales around the world continued to raise as companies like iTunes expanded into new territories like India. Last year, digital sales saw a 9 percent spike to the tune of $5.6 billion, accounting for 34 percent of all global music revenue.
Even more interesting is the role subscription services like Spotify played. According to IFPI's report, the number of people paying for subscription music services jumped 44 percent to 20 million. Paid music subscriptions still pales in comparison to paid downloads as it made up a little more than 10 percent of all digital revenue.
Long live the music industry.
[via All Things D]