For the first time in 13 years, the beloved music industry made a profit. Last year, the revenue grew by 0.03%. It might not seem like a lot, but the notion of a positive over a negative speaks volumes.
In 2012, music revenues boosted to $16.5 billion, the last time we saw a profit, “…Baby One More Time” was the biggest hit single, and the Top 10 selling albums list was clouded by names like N’SYNC, Backstreet Boys, Ricky Martin, Christina Aguilera and so on. Digital downloads have accounted for a hefty amount of the revenue with $5.6 billion, which is up 9%, and music streaming such as Spotify and Rdio have increased their subscriptions by 44% to about 20 million worldwide. Another significant statistic is that P2P (illegal peer-to-peer) downloading is down 9% since 2006, bringing that number to just 11% in 2012. Regardless of how you look at it, the important fact here is that the music industry has made incredibly progress, even with all odds against it. So I salute those that still purchase CDs, the ones that can’t stray from the raw sound of vinyl, the ones that enjoy the convenience of iTunes and iCloud, those with subscriptions and anyone else that pours well deserved money into the music industry.