The music world is moving toward a digital future, according to the latest findings of a new report by a research firm.
The report, released Wednesday, said digital music is growing at the fastest pace in the world and digital music revenues are forecast to grow from $13.7 billion in 2018 to $20.6 billion in 2023.
That’s according to data from IFPI, the trade association for the music industry.
The study said that digital music revenue will rise from $11.5 billion in 2019 to $16.6 bn by 2023 and the market will reach $22.5 bn in 2024.
The industry is also expanding into other digital media, such as TV, movie and music, said IFPIs report.
Apple Music, the Apple Pay and Spotify are among the most popular services that consumers use to access music.