new report shows that global music revenues grew an astonishing $1.4 billion dollars in 2017 - putting it at $17.4 billion in trade values from its previously held value of $16 billion in 2016.

With an annual growth rate of what now sits at 8.5%, this new trend shows that the tide is beginning to shift in regards to the widespread mindset that the music industry has been on a steady decline over the past ten years.

Much of this growth can be attributed to companies like Spotify and Apple Music, whose subscription services added a total of $7.4 billion to the gross sum of the music industries yearly revenue this year alone.

The stats for the revenue growth of major music groups in 2017 can be found below.

Universal Music Group: $5.1 million (29.7%)

Sony Music: $3.6 million (22.1%)

Warner Music $3.1 million (18%)

Independents: $4.7 million (27.6%)

2017 also saw a growth for distribution platforms such as Bandcamp, CD Baby and Believe Digital’s Tunecore, all of whom all-together generated $472 million in revenue in 2017 - an $100 million dollar improvement from their collective revenue of $371 million dollars in 2016.

Check out the graphic below.