IFPI: Global Recorded Music Market Tops $25.9 Billion In 2021

(CelebrityAccess) — The Worldwide Federation of the Phonographic Trade or IFPI revealed that 2021 was a banner 12 months for the recorded music trade with the worldwide recorded music market grew by 18.5% with complete revenues of $25.9 billion.

Within the newest World Music Report, the IFPI stated the expansion of paid subscriptions at music streaming companies proved to be a key driver for income in 2021, up by 21.9% year-over-year to generate $12.3 billion in income from 523 million paying subscribers in 2021.

Whole streaming, together with each paid subscriptions and promoting supported tiers, grew by 24.3% in 2021 to account for $16.9 billion, or 65.0% of complete world recorded music revenues.

Nonetheless, the recorded music trade noticed progress outdoors of music streaming as properly, with the sale of bodily codecs bettering by 16.1% and income from efficiency rights up by 4% in 2021.

“Around the globe, file firms are participating at a really native stage, to help music cultures and convey on the event of rising music ecosystems – championing native music and creating the alternatives for it to succeed in a world viewers. As extra markets mature, they be part of with and contribute to the wealthy, globally interconnected music world,” stated IFPI Chief Government Frances Moore.

“Consequently, as we speak’s music market is probably the most aggressive in reminiscence. Followers are having fun with extra music than ever and in so many alternative and new methods. This creates monumental alternatives for artists. Those that select to accomplice with a file firm, achieve this to learn from the help of agile, extremely responsive world groups of specialists devoted to serving to them obtain artistic and business success and construct their long-term careers,” Moore added.