Good news for people who work in music, or enjoy the fact it exists: the digital realm is set to become even more profitable. A recent study by online research company Ovum estimated a compound annual growth rate of 22.1 per cent over the next four years, meaning that by 2015, there will be through of $20 billion to feed from. The subscriptions market (like Spotify and things like Spotify) is set to grow at 60 per cent a year.
Location-wise, the US, Japan, UK, France and Germany are still the key music markets, making up 79.5% of the market in 2010. Though, interestingly, India, China, and Mexico are apparently growing quickly.
The news is also good for vinyl sales. Though news that people haven’t stopped likely foot-wide pieces of plastic with music etched into them is hardly new, Music Week have posted a pretty incredible story. They report that sales have leapt 40 per cent in the UK, with Adele, Radiohead, Bon Iver and PJ Harvey’s albums pushing sales. When this is compared to thegrowth rate of the British economy as a whole (a horrifyingly sluggish 0.1 per cent last quarter), that’s an outstanding figure.