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Music sales rose by more than seven-percent in 2020 as more people turned to streaming services during the coronavirus pandemic. Music nonprofit IFPI said in its annual report that the global music market grew for the sixth consecutive year. The report says sales were driven by a nearly 19-percent increase in paid subscription streaming services, such as Spotify or Apple Music. In 2020, at least 443-million people used streaming services.

The rise in streaming revenues helped offset losses from other formats, such as physical formats like CDs and vinyl records as well as concert ticket sales.

Source | The Hill

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