Music Revenues Rise to $25.9 Billion – Billboard
World music gross sales grew for the seventh consecutive yr in 2021 with recorded music revenues rising in each area and every of the world’s prime 10 markets, in response to the Worldwide Federation of the Phonographic Business’s (IFPI) “World Music Report 2022.”
Whole revenues climbed to $25.9 billion, an increase of 18.5% on the earlier yr – the best development fee ever recorded by London-based IFPI. Driving the expansion was a 21.9% soar in paid streaming subscription revenues, which totaled $12.3 billion, coupled with robust good points in bodily document gross sales — up for the primary time in 20 years — and efficiency rights.
Whole streaming (together with paid subscription and advertising-supported) grew by 24% to $16.9 billion, representing 65% of complete world recorded music revenues, up from 62% in 2020.
Revenues from bodily format gross sales have been up 16.1% to $5 billion, whereas performances rights climbed 4% to $2.4 billion, representing 9.4% of worldwide revenues.
IFPI credited the robust rise in bodily format gross sales in 2021 to the restoration of the retail business, following the earlier years close to world shutdown on account of the COVID-19 pandemic.
The one channel to document a decline was downloads and what IFPI class as different digital codecs, which fell 10.7% to $839 million, representing simply 3.2% of the worldwide market.
“At this time’s music market is probably the most aggressive in reminiscence,” stated IFPI chief government Frances Moore saying the report. “World wide, document firms are partaking at a really native stage, to help music cultures and produce on the event of rising music ecosystem… As extra markets mature, they be part of with and contribute to the wealthy, globally interconnected music world.”
IFPI’s World Music Report 2022 Topline Figures:
- World music gross sales up 18.5% to $25.9 billion
- Streaming subscription revenues up 21.9% to $12.3 billion
- Whole streaming revenues (together with paid and ad-supported) up 24.3% to $16.9 billion
- Bodily revenues up 16.1% to $5 billion
- Efficiency rights revenues rises 4% to $2.4 billion
- 523 million paid music subscribers
- Streaming’s share of worldwide music gross sales: 65%
Sustained development in document gross sales from streaming signifies that the business has now climbed above 2001 ranges – at the very least on an absolute greenback foundation, not accounting for inflation – when IFPI began reporting world music gross sales and the music business was value $23.6 billion. Piracy and declining bodily gross sales noticed the market backside out at $14 billion in 2014.
There at the moment are 523 million customers of paid streaming providers worldwide, up from 443 million in 2020. Streaming is now the main income format in practically each world music market, reviews IFPI
By way of world markets, the U.S. retains its primary place with music gross sales rising 22.6%. Japan holds regular in second place with gross sales rising 9.3% in 2021 – arresting the prior yr’s 2% decline on the again of falling demand for bodily product.
The third and fourth greatest markets for recorded music stay the UK (+13.2%) and Germany (+12.6%), respectively. The remainder of the highest 10 is made up of France (+11.8%), China (+30.4%%) South Korea (+8.2%), Canada (+ 8.1%), Australia (+4.1%) and Italy, which returned to the highest 10 after development of 27.8% IFPI didn’t present a market-by-market income breakdown.
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World music gross sales grew for the seventh consecutive yr in 2021 with recorded music revenues rising in each area and every of the world’s prime 10 markets, in response to the Worldwide Federation of the Phonographic Business’s (IFPI) “World Music Report 2022.” Whole revenues climbed to $25.9 billion, an increase of 18.5% on the…