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Photo: Getty Images

Streaming music revenue now accounts for 62% of global recorded music sales, or $13.4 billion, an all-time high, according to a report out Tuesday from the International Federation of the Phonographic Industry.

Why it matters: Streaming revenue helped offset declines in physical format sales and performance rights revenues throughout the COVID-19 pandemic, which dipped close to 5% and 10% respectively. Now the industry is in its sixth consecutive year of growth — driven largely by streaming — after seeing 12 years of flat or declining sales.

By the numbers: The size of last year's streaming revenue is up from $11.2 billion in 2019. For comparison, at its low point in 2014, the global recorded music industry saw $14 billion in total revenue.

  • Physical sales made up 97% of all recorded music sales, or $23 billion, 20 years ago.
  • In 2006, revenue from streaming made up less than 1% of all recorded music sales.

The big picture: Paid subscriptions were the key driver of streaming revenues, with growth around 19%.

  • Streaming now represents more than half of global recorded music sales in 48 markets.
  • Streaming revenue dominated the Latin American recorded music industry, making up 84% of the region’s total.
  • A separate report from the RIAA in February found that 83% of U.S. recorded music sales came from streaming. 

The state of play: BTS, Taylor Swift and Drake were the top three most popular and best-selling global recording artists last year.

  • The Weeknd’s "Blinding Lights" was the top digital single. BTS’ "Map of the Soul: 7" was number one in album sales. 

Go deeper

1 hour ago - Health

DeSantis to bar Florida schools from mandating masks

Photo: Michael Reaves via Getty Images

Florida Gov. Ron DeSantis (R) said Friday he will issue an executive order "very soon" barring local school districts from requiring students to wear masks when they return to school next month, NBC News reports.

Why it matters: The spread of the Delta variant has led to a spike in new infections across the U.S., triggering another round of debate about COVID guidelines in schools.

Trump's tax returns must be released to Congress, DOJ says

President Trump at the end of a rally to support Republican Senate candidates at Valdosta Regional Airport in Valdosta, Georgia on December 5, 2020. Photo: Andrew Caballero-Reynolds/AFP

The Treasury Department "must" release former President Trump's tax returns to the House Ways and Means Committee, the Department of Justice said in a memo Friday.

The big picture: The DOJ memo comes after a long dispute between the committee, which first sought to obtain the former president's returns two years ago, and Trump, who fought to keep his finances private.

CDC: Delta variant may cause mild COVID among fully vaccinated people

A storefront sign in Los Angeles reminds people masks are for everyone. Photo: Frederic J. Brown/AFP via Getty Images

About 74% of 469 COVID-19 cases associated with large gatherings held in Barnstable County, Mass., from July 3 to 17 were among fully vaccinated people, according to data released Friday from the Centers for Disease Control and Prevention.

Why it matters: The data bolsters emerging evidence that vaccinated people have high viral loads and may transmit the Delta variant as easily as those who are unvaccinated.