Record Labels Invested $4.5 Billion in Industry Development in 2015, Report Says
Record labels remained the largest investors in the music industry during 2015, having spent more than $4.5 billion globally for artists and repertoire (A&R) as well as marketing that year, reported the International Federation of the Phonographic Industry (IFPI) and…
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World Independent Network Wednesday. The $4.5 billion that record labels spent on A&R and marketing in 2015 equaled 27 percent of the labels' total revenue for the year, IFPI and WIN said. Companies have sustained their investment in the music industry despite “two decades of revenue decline,” the groups said. Music companies and distributors also invest in developing the digital music market's infrastructure, which now includes 360 digital music services globally, IFP and WIN said. The report “highlights not just record companies’ financial investment in artists, but also the enduring value they bring to artists’ careers,” IFPI Chief Executive Frances Moore and WIN CEO Alison Wenham said in a news release.