LONDON (CelebrityAccess) — The International Federation of the Phonographic Industry, the global recorded music industry trade association, released its annual music report, revealing that the global market for recorded music grew by 8.2% to US$20.2 billion in 2019.
Streaming revenue was a primary driver for that growth, and rose by 22.9% to US$11.4 billion and for the first time accounted for more than half (56.1%) of global recorded music revenue.
Growth in streaming was sufficient to more than offset the -5.3% decline in physical revenue, which slowed from the previous year.
As well, the report showed that for the fifth consecutive year, Latin America continued to be the fastest growing region, expanding by 18.9% overall, with Brazil, Mexico, and Argentina all proving to be exceptionally hot markets for recorded music.
Europe rebounded after an almost flat 2018 to grow by 7.2% in 2019, buoyed by the UK, Germany, Italy and Spain, where recorded music posted impressive growth of 16.3%, the IFPI said.
The US & Canada remained the largest markets for recorded music in the world, accounting for 39.1% of the global market and continuing to expand in 2019, adding %10.4 percent.
Asia slowed its growth in 2019, despite the growing power of Tencent. Japan’s recorded music market retracted slightly, with declines in both physical and digital but other markets in the region, including China, South Korea and India all continued to grow.
Australasia grew by 7.1% with overall digital revenues rising 11.6% and physical format revenues falling 20.4%.
Despite the robust worldwide growth in 2019, IFPI chief executive Frances Moore sounded a cautionary note for 2020, noting that COVID-19 may dramatically reshape the landscape.
“While the numbers we are reporting are a snapshot of the business last year, the COVID-19 pandemic presents challenges unimaginable just months ago. In the face of a global tragedy, the music community has united behind efforts to support those affected. This is a critical and ongoing priority as our member record companies work to continue to support the careers of artists, musicians and employees around the world.”