During a global media conference call on April 25, global recording industry body the IFPI was joined by Stu Bergen (Warner Music), Michael Nash (Universal Music) and Dennis Kooker (Sony Music) to present the annual Global Music Report.

While much of its findings are positive thanks to the explosive growth of streaming, it’s not all good news for Australia, which has been demoted from its spot on the list of the world’s largest music markets. See below for our key findings:

Global music revenues were up 5.9% in 2016

A shift of the model over the last two decades from ownership to access has resulted in sustainable growth, albeit modest. The growth of 5.9% to US$15.7 billion is the highest rate since IFPI began tracking the market in 1997.

The shift continues an upward trajectory following 15 years of significant decline – where the industry lost nearly 40% of its revenues between 1999 and 2014.

There’s no doubt that streaming is the key driver of growth

Paid subscriptions to streaming services like Apple Music and Spotify have broken the 100 million mark worldwide; with 112 million people now using paid subscription accounts globally.

In 2016, streaming revenues increased by 60.4%, making up the majority of digital revenue. Streaming contributed the lion’s share of the US$7.8 billion in digital revenue last year which, in turn, now accounts for 50% of total recorded music revenues.