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Italy generated $392.4 million in recorded revenue last year and was ranked 10th in the list of the top 10 markets in the world

Recorded music revenue in Italy grew 27.8% to US$392.4 million (€332m) in 2021.

So says FIMI, the organization that represents the country’s recorded music industry.

The release of Italy’s 2021 recorded earnings coincided with yesterday (March 22). Release of the IFPI Global Music Report, in which it was announced that Italy now ranks 10th in the list of the top 10 largest music markets in the world.

In Italy, paid subscription streaming revenue grew 35.6% to more than 141.7 million euros ($167.5 million) in 2021 versus 104.5 million euros ($119.1 million) in 2021 year 2020.

The total streaming segment (including revenue from video, paid, and ad-supported streams) reached €208.4 million ($246.3 million) in 2021, up 24.6% year-on-year from €167.3 million ($190.7 million) in 2020.

Within Italy’s physical revenues, CD and vinyl sales saw a rebound in 2021 after slumping in 2020 due to the closure of retailers during the pandemic.

CD sales rose 10.6% from 24.1 million euros ($27.4 million) in 2020 to 26.7 million euros ($31.5 million) last year, while vinyl sales up 78% to €26.8 million (US$31.6 million) compared to €15 million (US$17 million). in 2020.

For other physical formats, such as audio cassettes, revenue grew 245% year-on-year to €686,000 ($810,000) in 2021.

Total physical sales increased 37.87% from €40 million (US$45.6 million) in 2020 to €55.2 million (US$65.2 million) in 2021 (see below).

Elsewhere in the market, 2021 performance rights revenue grew 37.2% to 52 million euros ($61.4 million).

Sync revenue, meanwhile, grew 36.4% from €7.5 million ($8.5 million) in 2020 to €10.3 million ($12 million) in 2021, exceeding FIMI the 10 million euro mark for the first time.



FIMI further reports that Italian consumers will reach over a billion streams every week in 2021.

Also citing IFPI According to FIMI, Italian consumers spent over 19 hours a week listening to music in 2021, 45% of it through a premium account. According to FIMI, this percentage increases to 57% in people aged 16 to 24 years.

Other notable stats released this week by FIMI are that in 2021, 479 albums from 302 artists surpassed 10 million streams.

According to FIMI, only 134 albums by 105 artists exceeded the corresponding threshold of 10,000 copies (physical & downloads) in 2011.

This is followed by the publication of Italy’s earnings from recordings published statistics by FIMI in January, which showed that every album in the top 20 of the country’s domestic albums chart for all of 2021 came from a local artist.

Additionally, according to FIMI, “for the first time ever” their entire singles chart top 10 for the year also consisted entirely of Italian acts.

“This has been a particularly strong year for the Italian music market.”

FIMI

In a statement, FIMI said: “This has been a particularly strong year for the Italian music market: these results confirm the heavy investment made by local record labels in Italian artists and new young talent. In addition, tax credits for new productions had a positive effect.

“Because of the strong innovation in the music industry (one of the leading segments of the Italian digital economy), successful opportunities have been created for artists.”


Note: EUR-USD currency conversions in this story are based on the published IRS annual average exchange rates.music business worldwide

https://www.musicbusinessworldwide.com/italy-generated-recorded-music-revenues-of-392-4m-last-year-and-landed-at-no-10-on-the-list-of-the-worlds-top-10-markets/ Italy generated $392.4 million in recorded revenue last year and was ranked 10th in the list of the top 10 markets in the world

Fry Electronics Team

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