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Music Industry Soars Into Year 3 of Recovery Thanks to Spotify

  • U.S. sales climb 17% in first half, spurred by subscriptions
  • Sony, Universal Music, Warner are key beneficiaries of upturn

The music business is booming again after nearly two decades of decline, thanks to paid streaming services Spotify and Apple Music, according to a report from the Recording Industry Association of America.

U.S. spending on music surged 17 percent to almost $4 billion in the first half of 2017, the RIAA said Wednesday. Streaming grew 48 percent, more than offsetting steep declines in online sales and more moderate decline in CD purchases, with consumers snapping up new works from Kendrick Lamar and Ed Sheeran, the two top artists of the first half.