Music Industry To Grow 5.5 Percent By 2016

Music Industry To Grow 5.5 Percent By 2016

Music Industry To Grow 5.5 Percent By 2016
PricewaterhouseCoopers' "Global Entertainment and Media Outlook: 2012–2016" predicts revenue from U.S. digital music distribution will overtake revenue from physical music distribution in 2012, and that the continued rise of subscription-based streaming music services and digital downloads will help the music industry's revenue increase 5.5 percent to $19.8 billion by 2016. Additionally, radio revenue is expected to reach $22.5 billion in 2016, up 4.1 percent from 2011. While physical music distribution is expected to decline 8 percent compounded over the next five years to $2.2 billion, revenue from digital music distribution will increase 11.7 percent per year to $5.5 billion and revenue from live music will grow 7 percent compounded to $12.2 billion in 2016. Overall spending on recorded music is expected to rise 3.4 percent to $7.7 billion. (6/12)

BMI Reaches Royalty Settlement With U.S. Radio
BMI has reached an agreement with the Radio Music License Committee that will give the performance rights organization 1.7 percent of radio revenue in performance royalty compensation less some nominal standard deductions, through 2016, according to a Billboard.biz report. The settlement also includes a $70.5 million credit adjustment for payments made from 2010–2011, giving some U.S. radio stations a BMI credit balance available for the remainder of 2012. (6/12)

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