Hollywood and movies are the two biggest drivers of the current 10-per-share increase, according to Thomson Reuters Money Ratings. The movie business represents 16.4 trillion in worldwide sales in 2016 - almost 22.3 trillion more than in 1999. In 2013, the industry was the top performer in the world in terms of revenue growth, with 9 billion.
When you break out the big three, movies and music are doing well, said David Garton-Manks, a senior adviser at Thomson Reuters Money Ratings Inc in Washington and managing director of the National Association of Professional Directors and Authors of the Journal of Film Management.
At the same time, the number of films and music released per film is increasing sharply each year.
Music is the second main driver of the upswing over the past two years. A record 6.4M albums have now been released so far this year, up from 6.2M in the same period a year ago. Also, digital music has continued its strong performance in the U.S. and was the top sales channel by far, behind video content.
The music industry is growing as much as any industry and while music is the biggest driver, digital music still continues to do fairly well, said Jason Schmid, senior investment officer for The Future Music Group Advisors in Manhattan.
With so much growth in digital music, and with music being an increasingly important and significant revenue stream for the music industry, we expect this year to be a strong year for the industry.
A growing list of companies will likely play a big part in the next earnings conference call, which is scheduled for Nov. 5 - including music producer SoundCloud and recording software maker Pro Tools Ltd, whose chief executive, Steven Weinberger, will take the stage.
WITH the rise of traditional music (which has taken off at record stores and on to streaming services), he will also be meeting with record industry executives. Steven Spielberg, who made a big impact during the Great Depression, will speak about how the industry changed by sharing behind-the-scenes footage with musicians for upcoming films.
All of these companies are really showing that they are looking to change the way they operate, that their music is playing, and they are moving forward, Spielberg, who played with the Beatles, told journalists. (Music) is a great piece of information for the audience.
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