Positive news for the Music Industry! Music consumption continues to rise. Even though the 2022 rise was half of the 2021 reported percentage increase, the Music Industry has remained resilient in comparison to many other financial industry standings. The 9% growth rate surpassed many markets of 2022 with a climb to 26.2 billion.
The Global recorded-music revenue growth indicating the 9% increase was published on March 21, 2923 in the year-end report from the International Federation of the Phonographic Industry’s (IFPI). In comparison, the March 22, 2022 IFPI report indicated that the overall recorded music market showed a growth of 18.5% for 2021. In both cases the reports highlight the growth being driven by paid subscription streaming with the overall the total revenues in 2021 at 25.9 billion and 26.2 billion in 2022.
In 2022 IFPI details that the paid streaming subscriptions in 2021 ended at 523 million. With the new March 21, 2023 published report stating that the number rose to 589 million by the end of 2022. If the projections are correct, there will be 1.12 billion users by 2027.
Each of the Individual reports also break down the revenue growth by market which are compared below:
Beyond streaming subscriptions, the Music Industry also continues to gain momentum in ad-supported streams, physical music sales / vinyl, performance rights and downloads and other digital formats which also contributed to the mentioned total revenues.
There will always be constant predictions for the business behind the actual music. Since the Music Industry continues to evolve with the times, the forecast remains strong and those increasing projections remain realistic. With the consistent increases since 2010, there is no doubt this is one market you can expect to see continued progression.
Works Cited
Bayley, Jack. “IFPI Global Music Report: Global Recorded Music Revenues Grew 18.5% in 2021.” IFPI, 22 Mar. 2022, www.ifpi.org/ifpi-global-music-report-global-recorded-music-revenues-grew-18-5-in-2021/.
Hatton, Carl. “IFPI Global Music Report: Global Recorded Music Revenues Grew 9% in 2022.” IFPI, 23 Mar. 2023, www.ifpi.org/ifpi-global-music-report-global-recorded-music-revenues-grew-9-in-2022/.