The recording industry has been fractionalized over the past decade.
The touring sector suffered its worst decline ever last year. And music publishers are struggling to keep things flat.
So how is the broader music industry somehow worth $168 billion? The answer comes from a broader list of music-related sectors, including those tied to consumer electronics, radio advertising, and musical instruments.
Take a look at this 2010 estimate from global trade group IFPI, which pegs the figure at $167.7 billion, with radio advertising squarely in the lead. Recognize this business?