The music industry has been able to globally expand thanks to the new technologies and services available. Emerging into the market are subscription services, which allow users to either stream, download, or burn music for a set fee for a set period of time.
Digital music sales have actually increased along with the spike in on-demand streaming & subscription music users, contrary to other people’s beliefs. This helped fuel a 0.3% rise in global recorded music revenues in 2012. This may seem like a small number, but 2012 was the first year of industry growth since 1999.
There are now more than 500 licensed digital music services worldwide! Narrator Tracks specializes in synchronization music licensing. Royalty-Free Music libraries fall under this category. Revenues have gradually increased, as you can see below:
At least 8 of the top 20 global music markets are expected to see growth, including Australia, Brazil, Canada, Japan, Mexico, Norway & Sweden. Globalization is opening up new markets as well!
As an industry, we have changed our business models to meet the digital age. Expanding globally into the music market is just another reason to be optimistic about the economical future of businesses, small and large.