The IFPI, the organisation that represents the recorded music industry worldwide, has released its Global Music Report for 2023.
According to the report’s findings, the global recorded music market grew by 9.0% in 2022, driven by growth in paid subscription streaming. The figures released today show total trade revenues for 2022 were US$26.2 billion.
Subscription audio streaming revenues increased by 10.3% to $12.7 billion and there were 589 million users of paid subscription accounts at the end of 2022. Total streaming grew by 11.5% to reach $17.5 billion, or 67.0% of total global recorded music revenues. The recorded music sector also saw growth in other areas, with physical revenues up 4%, performance rights revenue increasing by 8.6% and returning to pre-pandemic levels and synchronisation income climbing by 22.3%.
Recorded music revenues grew in every region around the world in 2022. Asia grew by 15.4% with its largest market, Japan, seeing growth of 5.4% whilst the second largest market, China, grew by more than by 28.4%. Australia remained a top 10 market globally with an 8.1% increase, and a rise in streaming revenues pushed New Zealand’s overall market grow by 8.0%.
Revenues in Europe, the second-largest recorded music region in the world, grew by 7.5%, with the region’s three biggest markets all posting gains. The UK rose by 5.4%, while Germany and France increased by 2.2% and 7.7% respectively.
Latin America saw gains of 25.9%, maintaining more than 10 years of regional increases. Meanwhile, the Middle East and North Africa had the third highest growth rate in 2022, seeing an increase of 23.8%. The region also represents the highest share for streaming of any region globally at 95.5%. Sub-Saharan Africa became the fastest growing region in 2022 with more than 30% growth, driven largely by a significant boost to revenues in South Africa, the region’s largest market, South Africa.
The USA & Canada region – the world’s largest in revenue terms – grew by 5.0% in 2022. The USA is the world’s single biggest market, and grew by 4.8%, exceeding US$10 billion for the first time. Canadian recorded music revenues increased by 8.1%.
Commenting on the release of the Global Music Report, IFPI Chief Executive Frances Moore, says, ‘This year’s report tells the continued story of record companies’ commitment to their core mission – working with artists to help them achieve their greatest creative and commercial potential over the course of a career. That requires an artist-label partnership that constantly evolves and innovates so that it can capitalise on opportunities in more business areas and more parts of the world.’
‘Record companies’ investment and innovation has helped make music even more globally interconnected than ever, building out local teams around the world, and working with artists from a growing variety of music scenes. This is driving music’s development whilst enabling fans to seize the expanding opportunities to embrace and celebrate their own local artists and culture.’
‘However, as the opportunities for music continue to expand, so too do the areas in which record companies must work to ensure that the value of the music artists are creating is recognised and returned. This challenge is becoming increasingly complex as a greater number of actors seek to benefit from music whilst playing no part in investing in and developing it.’
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