Finland’s streaming income grows 38%

Finland’s music industry is seeing the same positive aftermath from the rise of streaming that Norway,Sweden and Australia are experiencing.

Data from the International Federation of the Phonographic Industry (IFPI) shows that while 2014 saw the Finnish music industry’s income fall 14% to €35.9 million, music streaming grew 38% to contribute €16m to the country's music business andsubscription streaming sites experienced a 19.6% rise in revenue to €13.8 million. The streaming market now makes up 51% of Finland’s recorded music sales.

Streaming in Sweden now accounts for 80% of revenue from its recorded music income, and in Norwaystreaming accounts for 65% of its music market. The IFPI has also acknowledged streaming services like Spotify, Tidal, and WiMPfor the substantial drop in the number of young Norwegian people illegally downloading content. A survey carried out by IPFI showed that in five years, the number of under-30s admitting to illegally downloading files online went from 80% to 4%.

In Australia, services like Rdio, Spotify and Pandora now contribute to over 10% of the total market value.The Australian Recording Industry Association (ARIA)'sannual wholesale figures for 2014showedthat subscription service income doubled to $23 million, up 111% from 2013.

Finland’s physical music and download sales are down. Overall physical sales fell 33.8% to €17.1 million, and download income was down 29.2% to €2.02 million.

Similar to the revenue findings found in ARIA’s annual wholesale figures for 2014, Vinyl sales in Finland are on the rise; sales increased 13.6%. Locally, the latest figures showed an impressive increase in vinyl sales of 127%.