(CelebrityAccess) — The International Federation of the Phonographic Industry or IFPI revealed that 2021 was a banner year for the recorded music industry with the global recorded music market grew by 18.5% with total revenues of $25.9 billion.
In the latest Global Music Report, the IFPI said the growth of paid subscriptions at music streaming services proved to be a key driver for revenue in 2021, up by 21.9% year-over-year to generate $12.3 billion in revenue from 523 million paying subscribers in 2021.
Total streaming, including both paid subscriptions and advertising supported tiers, grew by 24.3% in 2021 to account for $16.9 billion, or 65.0% of total global recorded music revenues.
However, the recorded music industry saw growth outside of music streaming as well, with the sale of physical formats improving by 16.1% and revenue from performance rights up by 4% in 2021.
“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. As more markets mature, they join with and contribute to the rich, globally interconnected music world,” said IFPI Chief Executive Frances Moore.
“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. This creates enormous opportunities for artists. Those who choose to partner with a record company, do so to benefit from the support of agile, highly responsive global teams of experts dedicated to helping them achieve creative and commercial success and build their long-term careers,” Moore added.
