Streaming revenues ride to the rescue of global music earnings

A massive rise in earnings from streaming services helped reverse almost 20 years of declining global music revenues last year as money from digital formats overtook physical sales for the first time, trade association IFPI said on Tuesday.

Streaming revenues were up 45 percent in 2015 thanks to the growth of smartphones and licensed quality subscription services as overall global music proceeds grew 3.2 percent to $15 billion, the International Federation of the Phonographic Industry said in its annual report.