Wednesday, March 19, 2014

Report: Music Streaming Services Set Revenue Record

In a year when overall sales remained flat, the music industry saw reason for optimism as revenue from streaming services grew significantly in 2013, according to The Tennessean.

Streaming music services such as Rhapsody, Spotify, Pandora and SiriusXM combined to generate $1.4 billion in revenue. That marks a 39 percent rise from 2012, according to a report released by the Recording Industry Association of America.

The number of people subscribing to streaming services grew exponentially in 2013 to 6.1 million people. That’s up from 3.4 million subscribers the year before. The record-breaking revenue numbers don’t factor in Beats, the subscription-based streaming service that launched late last year.

Performance royalties paid to artists and record labels by the digital performance right organization SoundExchange increased 28 percent to $590 million.

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