The global recorded music market grew by 5.9 per cent in 2016, the highest rate since IFPI began tracking the market in 1997, according to the IFPI Global Music Report 2017, released today. Total revenues for 2016 were $15.7 billion (all figures in U.S. dollars).
Of note for the Canadian music industry is that Canada has passed Australia to become the sixth largest market in the world for recorded music. This growth is mostly driven by streaming, which saw revenue more than double from $49.82 million in 2015 to $127.8 million in 2016. As has been the global trend, paid subscriptions generated the majority of streaming revenues in Canada, accounting for $94.45 million in 2016, compared to $15.72 million from ad-supported audio streaming and $17.59 million from video streams.