Read IFPI’s Global Music Report 2022 – State of the Industry here
22nd March 2022 – The global recorded music market grew by 18.5% in 2021, driven by growth in paid subscription streaming, according to IFPI, the organisation 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% US$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% to reach US$16.9 billion, or 65.0% of total global recorded music revenues. In addition to streaming revenues, growth was supported by gains in other areas, including physical formats (+16.1%) and performance rights (+4.0%).
Record companies are working to drive this continuing growth for the broader music ecosystem. With local teams and expertise around the globe, they invest in local artists and genres and support their development. In high-potential growth markets across Asia, Latin America and Africa, as well as more mature markets, like Europe and North America, labels are putting down deep roots and helping to foster the continued advancement of vibrant and diverse local music ecosystems.
Opening a press conference in London to unveil the report, IFPI Chief Executive Frances Moore expressed concern regarding events in Ukraine and the resulting humanitarian crisis, saying: “IFPI stands with our colleague
