Flat used to be the new up for the music labels. Now they’re up for real: Sales increased 14 percent in 2017.
For nearly two decades, the music business was in free fall. Now that’s over, thanks to streaming.
The music industry has known this for a while, but today we have another data point: U.S. music sales were up 14 percent when adjusted for inflation, to $8.7 billion last year, according to the labels’ trade group.
That’s the second year in a row that the industry has seen a significant leap in revenue, and that’s due entirely to streaming services like Spotify and Apple Music, which are more than balancing the decline in CD sales (people still buy CDs!) and download sales.