|
Meanwhile, a recovery in physical retail
following COVID-19 lockdowns allowed physical music formats to
enjoy growth for the first time in 20 years, IFPI, a trade body
for the recorded music industry, said in its Global Music Report
Paid subscription streaming revenues rose 21.9% to $12.3
billion, the IFPI said, adding there were 523 million users of
paid subscription accounts at the end of the year. Overall
streaming accounted for 65% of total revenues.
Physical format revenues rose 16.1% to $5 billion.
"Around the world, record companies are engaging at a very local
level to support music cultures and bring on the development of
emerging music ecosystems - championing local music and creating
the opportunities for it to reach a global audience," IFPI Chief
Executive Frances Moore said.
"Consequently, today's music market is the most competitive in
memory. Fans are enjoying more music than ever and in so many
different and new ways."
Total streaming, which includes advertising supported streaming,
rose 24.3%. Revenues from performance rights and synchronisation,
the use of recorded music in adverts, film, television and
games, also enjoyed growth.
The only channel to see a decline was downloads and other
digital formats, with revenues down 10.7%, as more people turned
to access models of listening to music instead of ownership.
Recorded music revenues grew in every region, with the fastest
rate of 35% recorded in the Middle East and North Africa. It was
followed by Latin America, with 31.2%, U.S. and Canada with 22%
and Asia with 16.1%.
Revenues in Europe rose 15.4%, sub-Saharan Africa saw an
increase of 9.6% and in Australasia the rate was 4.1%.
British music star Adele's "30" was the biggest selling album of
the year while Canadian singer The Weeknd's hit single "Save
Your Tears" garnered 2.15 billion streams, the IFPI has
previously said. [L8N2V42XQ]
(Reporting by Marie-Louise Gumuchian, editing by Ed Osmond)
[© 2022 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
