Global Digital Music Report showing that worldwide digital music sales equaled physical sales for the first time. Digital revenues grew 6.9% last year to $6.9 billion USD, which represents 46% of total revenue, exactly the same as physical sales of CDs and vinyl.
Overall, the global revenue for music stayed roughly the same in 2014 as the previous year, coming in at $15.03 billion, which was down just 0.4%. Still, some might consider that a victory considering that digital music sales continue to increase at a level that offsets the decline of physical sales.
A data point that jumps out of the report is that the number of paying streaming subscribers now tops 41 million, which represents an estimated 46% increase. This brought in around $1.6 billion in revenue, or about 26% of the digital market.
What's interesting about the subscriber number is that many feel that it's just the tip of the iceberg when it comes to tapping the potential streaming market, since the report sites another 100 million users now subscribe to a free music streaming tier as well.
According to the IFPI report, a commissioned study undertaken by Ipsos across the top 13 music markets found that only 35% of Internet users accessed a free streaming service in the last six months. That leaves a lot of room for growth. Read more on Forbes.