The Czech trend of buying more digital music, which has invigorated the recording industry, mirrors a worldwide trend.
Brno, Apr 26 (BD) – According to the Czech branch of the International Federation of the Phonographic Industry (IFPI), sales of recorded music to Czech consumers increased by 11% from 2016 to 2017, reports Ruth Fraňková of Radio Praha.
This increase amounts to a total of CZK 834 million worth in sales of recorded music in the Czech Republic, largely resulting from a 34% year on year increase in the amount of revenue generated by digital sales.
In particular, revenue generated by streaming platforms such as Spotify increased by 50% year on year. Sales from downloads, on the other hand, decreased.
2017 marks the first time in history that digital sales have accounted for more than half (51%) of all sales of recorded music in the Czech Republic.
The 2017 Czech market mirrored that of the recorded music industry as a whole, which enjoyed an 8% increase in overall sales, according to the IFPI Global Music Report 2018.
As in the Czech Republic, an increase in streaming was the main factor – streaming revenues worldwide increased by 41% in 2017 and now account for 38% of the overall sales of recorded music.
The USD 17.3 billion in worldwide sales represent the third year of growth in a row (2015-2017) after the market had contracted the previous 15 years.
“The work and investment from record companies is enabling brilliant, diverse artists to break through to fans around the world,” said Frances Moore, chief executive of the IFPI.
“The industry is on a positive path of recovery but it’s very clear that the race is far from won,” Moore added, referring in part to the problem of piracy.
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