Global recorded music revenues rose 18.5% last year to $25.9 billion, driven by an increase in users of paid streaming services. It is the seventh consecutive year of growth in this market, according to the Global Music Report released this Tuesday (22) by the IFPI, which represents the music industry. There were 523 million users of paid subscription accounts at the end of 2021.
Following the lifting of social distancing measures, the retail recovery has also allowed physical media music formats sales to grow for the first time in 20 years. Revenues from physical formats increased 16.1% to $5 billion.
READ ALSO: Apple, Spotify and Deezer seek to cash in on podcast content boom
Total streaming, which also includes add-supported services, grew by 24.3%.
Revenues from performance and synchronization rights, recorded music in advertisements, movies, television, and games also grew.
The only music sales channel that showed a drop in revenue (10.7%) last year was downloads and other digital formats.
Recorded music revenues grew in all regions, with the strongest rate at 35% recorded in the Middle East and North Africa. Latin America appeared in second place, with a 31.2% expansion, followed by the United States and Canada (22%) and Asia (16.1%). Revenues in Europe increased by 15.4%.
Streaming‘s share of music sales revenue is also higher in the Middle East and North Africa, and Latin America, accounting for 95.3% and 85.9% of the total, respectively. Brazil (32%) and Mexico (27.7%) accounted for 66.5% of the revenue generated by the music industry in the region.
Translated by LABS
