Global music industry revenues grew almost 10 per cent last year as the rise in streaming services offset a decline in physical formats.
Revenues grew 9.7 per cent in 2018 to hit $19.1bn (£14.7bn), according to the latest figures from the International Federation of the Phonographic Industry (IFPI).
The growth was driven by a 34 per cent jump in streaming revenues, as music fans continue to flock to platforms such as Spotify, Apple Music and Deezer.
Streaming services now account for just under half of all music revenues, while physical formats and downloads continue to fall.
“Last year represented the fourth consecutive year of growth, driven by great music from incredible artists in partnership with talented, passionate people in record companies around the world,” said Frances Moore, chief executive of IFPI.
“Record companies continue their investment in artists, people and innovation both in established markets and developing regions that are increasingly benefiting from being part of today’s global music landscape.”
Drake was the world’s top recording artist last year, followed by hit South Korean boy band BTS. Queen came in at sixth place, boosted by the release of biographical film Bohemian Rhapsody.
Despite the growing income, industry figures have called for new laws to close the so-called value gap and ensure revenues are returned to people who create and produce music.
“We continue to work for the respect and recognition of music copyright around the world, and for the resolution of the value gap by establishing a level playing field for negotiating a fair deal for those who create music,” said Moore.