While the “big four” record labels have seen their revenues plummet during the last decade, the music industry more broadly—encompassing independent labels, live performances, merchandise, music lessons, and the like—did extremely well. Statistics from the International Federation of the Phonographic Industry indicates that the “broader music industry,” which included “revenues from music in radio advertising, recorded music sales, musical instrument sales, live performance revenues and portable digital music player sales (among a few other income categories)” grew from $132 billion to $168 billion
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