March 28, 2022
The global recorded music market grew by 18.5% in 2021, driven by growth in paid subscription streaming, according to IFPI. Figures released 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% 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%).
IFPI says that 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.
Recorded music revenues grew in every region around the world in 2021:
- Asia grew by 16.1%, with its largest market, Japan, seeing growth of 9.3%; excluding Japan, the region experienced a 24.6% climb in revenues; in a continuing trend, Asia also accounted for a significant share of the global physical revenues (49.6%);
- Australasia experienced growth of 4.1%; Australia (+3.4%) remained a top 10 market globally and New Zealand saw a rise in streaming revenues push the overall market to growth of 8.2%;
- revenues in Europe, the second-largest recorded music region in the world, grew by 15.4%, a steep increase on the prior year’s growth rate of 3.2%; the region’s biggest markets all saw double digit percentage growth: UK (+13.2%), Germany (+12.6%) and France (+11.8%);
- Latin America saw growth of 31.2%, one of the highest growth rates globally; streaming accounted for 85.9% of the market, one of the highest proportions in any region;
- Middle East and North Africa, split out as a separate region in the Report for the first time, experienced growth of 35.0%, the fastest regional growth rate globally; streaming was a particularly strong driver in the region, with a 95.3% share of the market;
- Sub-Saharan Africa, also split out for the first time in IFPI’s report, saw revenue growth of 9.6% in 2021, largely driven by streaming; ad-supported was particularly strong in this region, with revenues from this format growing by 56.4%; and
- The USA & Canada region grew by 22.0% in 2021, outpacing the global growth rate; the USA market alone grew by 22.6% and Canadian recorded music revenues grew by 12.6%.
To read IFPI’s press release in full and for a link to the Report, click here.