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Digital music is still booming in the Nordic countries. Consumers in Denmark, Finland, Norway and Sweden are already some of the most avid users of streaming music services worldwide, and revenues from the various platforms only continued to grow during H1 2015. Streaming music now accounts for the lion’s share of total music revenues—both physical and digital—in the region.
According to a July report from the International Federation of the Phonographic Industry (IFPI) – Sweden, total revenues from music sales in Sweden reached roughly SEK507.5 million ($74.0 million) during H1 2015. Proceeds from music streaming services accounted for 83.9% of this amount, up from 81% in H1 2014.
In Norway, the situation was similar. There, music streaming represented 81.4% of the country’s total music revenues at the end of H1 2015, the International Federation of the Phonographic Industry (IFPI) – Norway found. In all, streaming revenues totaled approximately NOK248.2 million ($39.4 million) during the period.
Unlike in Sweden, however, revenues from music downloads declined in Norway between H1 2014 and H1 2015. IFPI Norway reported that proceeds from digital downloads fell by NOK9.4 million ($1.5 million) during the period and made up under 7% of total music revenues at the end of June.
This drop in download revenues is not surprising as streaming’s hold over the Nordic music market continues to grow stronger. The region is home to one of the largest international music streaming services, Spotify, and streaming music has become a majority activity among internet users there.
Research conducted in May 2015 by Lightspeed GMI for Samsung revealed that at least half of internet users in each of the Nordic countries had used a streaming service to listen to music. The share was highest in Finland (70%) and lowest in Denmark (58%). The share of respondents in both countries who had paid to listen to streaming music was roughly the same, however, at 18% and 19%, respectively.
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