International recorded music revenues reached $25.9 billion in 2021, a rise of 18.5% versus 2020.
That’s based on figures revealed at this time (March 22) within the International Music Report 2022 from IFPI, the group that represents the recorded music business worldwide.
IFPI, which unveiled its new report at a press convention in London at this time, cites paid subscription streaming as a key driver behind the 18.5% development, with paid subscription streaming revenues having elevated by 21.9% YoY to $12.3 billion in 2021.
There have been 523 million customers of paid subscription accounts on the finish of 2021.
Whole streaming (together with each paid subscription and advertising-supported) grew by 24.3% to achieve $16.9 billion, or 65% of whole world recorded music revenues.
Along with streaming revenues, IFPI stories that development was supported by beneficial properties in different areas, together with bodily codecs (+16.1%) and efficiency rights (+4.0%).
IFPI stories that recorded music revenues grew in each area around the globe in 2021.
The USA & Canada area grew by 22% in 2021, outpacing the worldwide development price. The USA market alone grew by 22.6% and Canadian recorded music revenues grew by 12.6%.
Asia grew by 16.1%, with its largest market, Japan, seeing development of 9.3%. Excluding Japan the area skilled a 24.6% climb in revenues. In a seamless development, Asia additionally accounted for a major share of the worldwide bodily revenues (49.6%).
In the meantime, Australasia skilled development of 4.1%. Australia (+3.4%) remained a Prime 10 market globally and New Zealand noticed an increase in streaming revenues push the general market to development of 8.2%, based on IFPI.
Revenues in Europe, the second-largest recorded music area on the planet, grew by 15.4%, a steep improve on the prior 12 months’s development price of three.2%. The area’s greatest markets all noticed double digit proportion development: UK (+13.2%), Germany (+12.6%) and France (+11.8%).
Latin America noticed development of 31.2%, which IFPI notes is without doubt one of the highest development charges globally. Streaming accounted for 85.9% of the market, one of many highest proportions in any area.
Elsewhere, the Center East and North Africa – cut up out as a separate area within the International Music Report for the primary time – skilled development of 35%. IFPI stories that this was the quickest regional development price globally. Streaming was a very sturdy driver within the area, with a 95.3% share of the market.
Sub-Saharan Africa was additionally cut up out for the primary time in IFPI’s report. The area noticed income development of 9.6% in 2021, largely pushed by streaming. Advert-supported was notably sturdy on this area, with revenues from this format rising by 56.4%.
“Immediately’s music market is probably the most aggressive in reminiscence. Followers are having fun with extra music than ever and in so many alternative and new methods. This creates huge alternatives for artists.”
Opening a press convention in London to unveil the report, IFPI Chief Govt Frances Moore expressed concern concerning occasions in Ukraine and the ensuing humanitarian disaster, saying: “IFPI stands with our colleagues throughout the music group in our help for pressing humanitarian aid for refugees and our name for an finish to the violence.”
Commenting on the International Music Report, Moore continued: “All over the world, document corporations are partaking at a really native degree, to help music cultures and produce on the event of rising music ecosystems – championing native music and creating the alternatives for it to achieve a world viewers. As extra markets mature, they be a part of with and contribute to the wealthy, globally interconnected music world.
Added Moore: “Consequently, at this time’s music market is probably the most aggressive in reminiscence. Followers are having fun with extra music than ever and in so many alternative and new methods. This creates huge alternatives for artists.
“Those that select to associate with a document firm, achieve this to profit from the help of agile, extremely responsive world groups of consultants devoted to serving to them obtain inventive and business success and construct their long-term careers.
“As applied sciences and the web surroundings proceed to evolve and increase, so too do the inventive alternatives to share music experiences. From the metaverse, to in-game content material, document corporations have invested within the individuals and the applied sciences to ship new, extremely interactive experiences – including to the evolving methods for artists to make connections with their followers.”Music Enterprise Worldwide
