The IFPI (International Federation of the Photographic Industry) has released its report on the music industry's 2013 revenue, finding that while digital continues to grow, the overall industry saw another slight decline last year. Global music industry revenue was down 3.9 percent in 2013 to $15 billion, from $15.6 billion in 2012.
One of the largest reasons for the dip was a 16.7 percent drop in Japanese revenue, which the IFPI attributed to a declining interest in physical product and "legacy" digital options such as mobile downloads and ringtones.
Excluding Japan, global music industry revenue in 2013 was essentially flat. In fact, North American revenue was up 0.5 percent to $4.89 billion, while European revenue was up by 0.6 percent to $5.38 billion.
Worldwide revenue from subscription and streaming services saw an impressive 51 percent leap last year, surpassing $1 billion in total. According to the IFPI's data, streaming services make up 27 percent of all global digital revenue and 28 million people now have a paid subscription to a digital service.
Overall digital revenue was up 4.3 percent in 2013 to $5.87 billion worldwide, as physical music revenue fell 11.7 percent to $7.73 billion.
Frances Moore, IFPI CEO, stated, "Even accounting for the difficult situation in Japan, the global recording industry is in a positive phase of its development. Revenues in most major markets have returned to growth. Streaming and subscription services are thriving. Consumers have a wider choice than ever before between different models and services. And digital music is moving into a clearly identifiable new phase as record companies, having licensed services across the world, now start to tap the enormous potential of emerging markets."