The global recorded music market grew by 8.1% in 2017 to show a total revenue of $US17.3 billion, according to IFPI's Global Music Report released today.
The report shows that Asia and Australasia's revenue grew by 5.4%, the third-straight year of consecutive growth, streaming and digital revenues increased by 38.2% and 22.4% respectively in the region.
The figures listed Australia as the eighth largest music market globally in 2017, behind Canada, South Korea, France, UK, Germany, Japan and US.
Unsurprisingly, the report details that streaming is rapidly growing and has become the largest revenue source globally thanks to a growth of 41.1% and 176 million users of paid subscription accounts.
Streaming now accounts for 38.4% of total recorded music revenue and its impact has seen a 5.4% decline in physical revenue and a 20.5% decline in download revenue.
"It’s been another incredibly exciting year for music," IFPI Chief Executive, Frances Moore, said.
"The work and investment from record companies is enabling brilliant, diverse artists to break through to fans around the world, soundtracking their lives and bringing them increasingly rich and immersive ways to enjoy the music they love.
"The industry is on a positive path of recovery but it’s very clear that the race is far from won.
"Record companies are continuing in their efforts to put the industry back onto a stable path and, to that end, we are continuing our campaign to fix the value gap. This is not just essential for music to thrive in today’s global market, but to create the right – fair – environment for it to do so in the future."
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