Digital buying leads the way

According to IFPI's Global Music Report 2016, the music industry achieved a key milestone in 2015 when digital became the primary revenue stream for recorded music worldwide, overtaking sales of physical formats for the first time.

Digital revenues now account for 45 percent of total revenues, compared to 39 percent for physical sales. The report also tracked a 10.2 percent rise in digital revenues to $6.7 billion, with a 45.2 percent increase in streaming revenue more than offsetting the decline in downloads and sales of CDs and similar media.

Total industry revenues grew 3.2 percent to$15 billion, leading to the industry's first significant year-on-year growth in nearly two decades.

"After two decades of decline, 2015 witnessed key milestones for recorded music," IFPI chief executive Frances Moore said in the report. "However, there is a fundamental weakness underlying this recovery."

Music is being consumed at record levels, she said, but there continues to be a "value gap" which deprives artists and labels of a fair return for their work.