According to research reports, music industry market recently has seen an upsurge in revenue generation. Music streaming has contributed 75% of all the industry revenue. Revenues grew from $4.2 billion to $4.6 billion, up at 10% on a yearly basis thanks to expanding music streaming services and their paying subscribers.
Mitch Glazier, President of RIAA quoted, “The growth was achieved in spite of the music licensing system, not because of it, and the industry issued 70,000 different albums just between January and June. And looking at the trends, more of them will be listened through an online platform instead on a physical product.”