The Recording
Industry Association of America (RIAA) recently released its 2017
Revenue Statistics, which show significant growth in the music industry
over the last few years. In 2017, music streaming revenues were $5.7 billion, more
than triple what they were in 2014 at $1.8 billion. Streaming applications now
generate 65% of music industry revenues. Moreover, the number of paid music subscriptions
grew by more than 55% from 2016 to 2017. Overall, the retail value of revenues throughout the entire music
industry grew by $1.2 billion from 2016 to 2017.
While there are
still problems with online piracy that need
to be addressed, the growth of the music industry would not be possible with
strong copyright protections, which enable artists and creators to earn a return
on their labors.
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