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Despite all the original naysayers, digital access to the music industry has made profits explode! Just ask WMG and artists like Drake and Rihanna. Three beneficiaries who have scored big with the streaming industry despite the lack of physical albums sold.
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MusicPromoToday.com looks at the numbers! Despite all the original naysayers, digital access to the music industry has made profits explode! Just ask WMG and artists like Drake and Rihanna. Three beneficiaries who have scored big with the streaming industry despite the lack of physical albums sold. Not only did streaming allow for WMG to increase their profit margins to over the 1 billion mark, but there growth from a year on year analyses is up by 47%! Not only is that amazing, but think of what kind of digital music distribution that means for the artists!? Even Sony is reputed to have broken the billion mark with their revenue coming it at 1.2 billion. These numbers are outstanding for any up and coming artist that is looking at getting into the digital market, or simply just looking to get out there. For WMG, just see how they did entering their first quarter of 2017 according to their CEO Steve Cooper, “Our strong momentum continues with excellent first-quarter results including 11% constant-currency revenue growth on top of 11% growth in the prior-year quarter. While streaming continues to drive industry growth, we are outperforming the market thanks to extraordinary music from our artists coupled with first-class execution from our operators around the world” The growth is continuous and even as Pandora releases it’s newly developed platform, which will surely take off immensely, Spotify, Apple Music, and Tidal are going to continue doing well. Despite the seemingly continuous decline of physical and downloaded purchases, the music industry continually offsets the loss by surpassing its previous held revenue records, from 348 million dollars to the most recently 2016 account of 444 million. This not only represents a total revenue of 48.7% but also accounts for a growth of 27.6%! The music industry is still growing and will not stop any time soon. With the continual growth of digital music distribution, here at MusicPromoToday see a bright future for all artists coming; if you’d like to capitalise in all of this and are looking to get out there, come see us and we’ll handle everything for you so you can focus on making beautiful music. Let the best music PR firm handle your situation and we’ll get you to where you and your music to where you need to go.
