LONDON (Reuters) - The global recorded music market grew 9.7 percent last year, with streaming now accounting for almost half of total revenue, according to industry trade body the IFPI on Tuesday.
It was the fourth consecutive year of growth, IFPI added in its annual Global Music Report 2019.
Streaming revenue grew 34 percent and accounted for 47 percent of global revenue, driven by a 32.9 percent increase in paid subscription streaming.
There were 255 million users of paid streaming services at the end of 2018, with paid streaming accounting for 37 percent of total recorded music revenue, the report said.
Growth in streaming more than offset a 10.1 percent decline in physical revenue and a 21.2 percent fall in download revenue.
Artists such as Drake, BTS and Ed Sheeran were among those who have conquered the global market, contributing to the 19.1 billion dollars of total revenues for 2018.
“Music has truly become global - in ways never before imagined,” said IFPI Chief Executive Frances Moore in a statement.
For the fourth consecutive year, Latin America was the fastest-growing region with Brazil and Mexico showing strongly.
The Asia and Australasia region was the second-largest region for combined physical and digital revenue, with especially strong growth in South Korea.
Reporting by Rachel Cordery; editing by Stephen Addison