Global recorded music revenues grew in 2021
The global recorded music market grew by 18.5 percent in 2021, driven by growth in paid subscription streaming, according to IFPI, the organization that represents the recorded music industry worldwide. Figures released today in IFPI’s Global Music Report show total revenues for 2021 were US$25.9 billion.
Paid subscription streaming revenues increased by 21.9 percent to $12.3 billion. There were 523 million users of paid subscription accounts at the end of 2021.
Total streaming (including both paid subscription and advertising-supported) grew by 24.3 percent to reach $16.9 billion, or 65 percent of total global recorded music revenues. In addition to streaming revenues, growth was supported by gains in other areas, including physical formats and performance rights.
At a press conference in London to unveil the report, IFPI Chief Executive Frances Moore said, “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. As technologies and the online environment continue to evolve and expand, so too do the creative opportunities to share music experiences. From the metaverse, to in-game content, record companies have invested in the people and the technologies to deliver new, highly interactive experiences, adding to the evolving ways for artists to make connections with their fans.”