Global industry revenues increased 9% last year to $26.2 billion
Global recorded music revenues rose 9% last year to US$26.2 billion, with growth seen in all regions of the world and supported by an increase in subscriptions to paid streaming services, according to a survey published on Tuesday. (21).
Among the trends highlighted by the International Federation of the Phonographic Industry (IFPI) were China entering the top five global markets for the first time and revenue from the use of recorded music in advertisements, films, television and games, on the rise. of 22.3%.
Global music revenues posted their eighth consecutive year of growth
“Investment and innovation from record companies have helped make music even more globally interconnected than ever before, building local teams around the world and working with artists from a growing variety of music scenes,” said IFPI Chief Executive Frances Moore.
“This is driving the development of music, allowing fans to take advantage of expanding opportunities to embrace and celebrate their own local artists and culture.”
Total streaming, supported by subscriptions and ad serving, increased 11.5% to $17.5 billion.
Only downloads and other non-streaming digital formats saw revenue in 2022, at a pace of 11.7%.
Recorded music revenues increased worldwide, led by Sub-Saharan Africa which recorded a growth rate of 34.7%, followed by Latin America with 25.9%; Middle East and North Africa, with 23.8%; Asia, with 15.4%; and the Australasia region, with 8.1%. Revenues in Europe rose 7.5%, while in the United States and Canada there was an increase of 5%. Revenues from North America, the world’s biggest music market, increased 4.8% to exceed $10 billion for the first time.
Revenue from CDs, vinyl and other physical formats increased 4% to $4.6 billion, a slower rate than the 16.1% growth in 2021, according to the IFPI Global Music Report.
Subscription audio streaming revenues increased 10.3% to $12.7 billion, the federation said, adding that there were 589 million users of paid subscription accounts by the end of 2022.
Overall, streaming accounted for 67% of total revenue from recorded music.