Popularity of services such as Spotify and Apple Music outstrips traditional formats

Streaming music revenues surpassed income from the sale of traditional music formats for the first time last year, as the booming popularity of services such as Spotify put an end to the era of the CD.

Revenue from music fans paying for services such as Spotify, Apple Music and Amazon Music surged more than 41% last year to $6.6bn (£4.7bn), accounting for more than 38% of the $17.3bn total global recorded music market. The sale of physical formats, primarily CDs, fell 5.4% to $5.2bn to account for 30% of the global market.

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Read More Music streaming revenues overtake CDs to hit .6bn globally

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