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 The market reported total
revenues of $21.6 billion, marking its sixth
consecutive year of growth, industry trade body
the IFPI said in its Global Music Report on
Tuesday.
The year's top five best-selling artists were
K-pop stars BTS, songstress Taylor Swift, rapper
Drake, singer The Weeknd and teen sensation
Billie Eilish.
"As the world contends with the COVID-19
pandemic, we are reminded of the enduring power
of music to console, heal and lift our spirits,"
IFPI Chief Executive Frances Moore said.
Total streaming, including both paid
subscription and advertising-supported, rose
19.9% to $13.4 billion, accounting for 62.1% of
total global recorded music revenues, IFPI said.
Paid subscription streaming revenues rose by
18.5% and there were 443 million users of paid
subscription accounts at the end of 2020, the
IFPI said.
The streaming figures compared to a decline in
physical format revenues, which fell by 4.7%.
And with concerts and festivals cancelled as
countries went into lockdown to stop the spread
of the coronavirus, revenues from performance
rights dropped 10.1%.
"With so much of the world in lockdown and live
music shut down, in nearly every corner of the
globe most fans enjoyed music via streaming,"
Moore said.
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 The IFPI said record companies
had supported artists in making music despite
the difficult circumstances.
Latin America remained the fastest-growing
region, with recorded music revenues rising
15.9%, followed by Asia with growth of 9.5% and
Africa and the Middle East with 8.4%.
The U.S. and Canada region grew by 7.4% in 2020,
while Europe saw revenues rise by 3.5%.
In Britain, recorded music revenues rose to
their highest since 2006, up 3.8% to 1.118
billion pounds ($1.54 billion), the British
Phonographic Industry (BPI) said.
Streaming revenues, up 15.4% to 736.5 million
pounds, led the growth while physical revenues
fell 2.6% to 210.3 million pounds, with online
sales cushioning the impact of lockdowns.
Online campaigns helped drive vinyl sales, which
rose by nearly a third to 86.5 million pounds in
Britain, their highest total since 1989, the BPI
said.
($1 = 0.7253 pounds)
(Reporting by Marie-Louise Gumuchian; Editing by
Alexander Smith)
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