(Hypebot) The global recorded music market was up 9.7% in 2018. That’s the fourth consecutive year of growth, according to the recorded music industry trade group IFPI’s Global Music Report 2019. Total revenue for 2018 was $19.1 billion.
Streaming revenue grew 34% and accounted for 47% of global revenue, driven by a 32.9% increase in paid subscription streaming. There were 255 million users of paid streaming services at the end of 2018, with paid streaming accounting for 37% of total recorded music revenue.
For the first time, growth in streaming more than offset a 10.1% decline in physical revenue and a 21.2% decline in download revenue.
Fastest Growing Music Markets
For the fourth consecutive year, Latin America was the fastest-growing region (+16.8%) with Brazil (+15.4%) and Mexico (+14.7%) growing strongly. The Asia and Australasia region (+11.7%) grew to become the second-largest region for combined physical and digital revenue, with especially strong growth in South Korea (+17.9%).
Frances Moore, chief executive of IFPI, said:
“Last year represented the fourth consecutive year of growth, driven by great music from incredible artists in partnership with talented, passionate people in record companies around the world.
“Record companies continue their investment in artists, people and innovation both in established markets and developing regions that are increasingly benefiting from being part of today’s global music landscape.
“As music markets continue to develop and evolve, it is imperative that the appropriate legal and business infrastructure is in place to ensure that music is fairly valued, and that the revenues are returned to rights holders to support the next cycle of development.
“We continue to work for the respect and recognition of music copyright around the world, and for the resolution of the value gap by establishing a level playing field for negotiating a fair deal for those who create music. Above all, we are working to ensure that music continues its exciting, global journey.”