Global recorded revenue reached US$25.9 billion in 2021, up 18.5% from 2020.
That emerges from the numbers published today (March 22). Global Music Report 2022 from IFPIthe organization representing the recorded music industry worldwide.
IFPI, which presented its new report at a press conference in London today, cites paid subscription streaming as the key driver behind the 18.5% growth, with paid subscription streaming revenue up 21.9% year-on-year to $12.3 billion US Dollar have increased in 2021.
At the end of 2021, there were 523 million paid subscription account users.
Total streaming (including paid subscriptions and ad-supported) grew 24.3% to $16.9 billion, or 65% of total worldwide recorded music revenue.
In addition to streaming revenue, IFPI reports growth was supported by gains in other areas, including physical formats (+16.1%) and performance rights (+4.0%).
IFPI reports that recorded music revenue increased in all regions of the world in 2021.
The US & Canada region grew 22% in 2021, exceeding the global growth rate. The US market alone grew 22.6% and Canadian music revenues grew 12.6%.
Asia grew 16.1%, with the largest market, Japan, posting 9.3% growth. Excluding Japan, the region recorded a sales increase of 24.6%. In an ongoing trend, Asia also accounted for a significant portion of global physical sales (49.6%).
Meanwhile, Australasia recorded 4.1% growth. Australia (+3.4%) remained a top 10 market globally, and New Zealand saw streaming revenue surge, according to IFPI, pushing the overall market up 8.2%.
Revenues in Europe, the world’s second largest recorded region, grew 15.4%, a significant increase from the 3.2% growth rate a year ago. The region’s largest markets all saw double-digit percentage growth: the UK (+13.2%), Germany (+12.6%) and France (+11.8%).
Latin America recorded growth of 31.2%, which is one of the highest growth rates in the world according to the IFPI. Streaming accounted for 85.9% of the market, one of the highest shares in any region.
Elsewhere, the Middle East and North Africa – reported as a separate region for the first time in the Global Music Report – posted growth of 35%. IFPI reports that this was the fastest regional growth rate in the world. Streaming was a particularly strong driver in the region, with a 95.3% market share.
Sub-Saharan Africa was also split up for the first time in the IFPI report. The region saw 9.6% revenue growth in 2021, mostly driven by streaming. Ad-supported was particularly strong in this region, with revenue from this format growing by 56.4%.
“Today’s music market is the most competitive in living memory. Fans are enjoying music more than ever and in so many different and new ways. This creates tremendous opportunities for artists.”
Frances Moore, Chief Executive of IFPI, opened a press conference in London to present the report and expressed her concern about events in Ukraine and the resulting humanitarian crisis, and called for an end to the violence.”
Commenting on the Global Music Report, Moore continued, “Around the world, record companies are making commitments at a very local level to support music cultures and drive the development of burgeoning music ecosystems – championing local music and creating opportunities to reach it global audience. As more markets mature, they join and contribute to the rich, globally connected world of music.
Moore added, “Consequently, today’s music market is the most competitive in living memory. Fans are enjoying music more than ever and in so many different and new ways. This creates enormous opportunities for artists.
“Those who choose to partner with a record label do so to benefit from the support of agile, highly responsive global teams of experts dedicated to helping them achieve creative and commercial success and build their long-term careers .
“As technology and the online environment evolve and expand, so do the creative ways to share musical experiences. From the metaverse to in-game content, record labels have invested in the people and technology to deliver new, highly interactive experiences – complementing the evolving ways for artists to connect with their fans.”music business worldwide
https://www.musicbusinessworldwide.com/global-recorded-music-revenues-hit-25-9bn-in-2021-up-18-5-yoy/ Global recorded revenue reached US$25.9 billion in 2021, up 18.5% year-on-year