Global music revenues grow by 9% in 2022 to £21.7billion
In 2022, global music revenues grew by 9% to £21.7billion, according to a new report published by the International Federation of the Phonographic Industry (IFPI). It marks the eighth consecutive year of growth in the music industry.
The growth has been driven by a surge in paid subscription streaming, which has majorly boosted the music industry. At the end of the calendar year, there were 589million users who held paid subscription accounts, which was an increase of 10.3% and contributed £10.3billion to the industry in 2022. In total, streaming, on the whole, made up 67.0% of global recorded music revenues.
In the same timeframe, the Asian market grew by 15.4% and also accounted for 49.8% of global physical revenues. The European industry steadily rose by 7.4%, and the music business in the United Kingdom increased by 5.4%. The United States remained the world’s biggest market and expanded by 4.8% in 2022. Meanwhile, the largest growth market was Sub-Saharan Africa which jumped by 34.7%.
In a statement, IFPI Chief Executive Frances Moore said: “This year’s report tells the continued story of record companies’ commitment to their core mission – working with artists to help them achieve their greatest creative and commercial potential over the course of a career. That requires an artist-label partnership that constantly evolves and innovates so that it can capitalise on opportunities in more business areas and more parts of the world”.
Moore added: “Record companies’ investment and innovation has helped make music even more globally interconnected than ever, building out local teams around the world and working with artists from a growing variety of music scenes. This is driving music’s development whilst enabling fans to seize the expanding opportunities to embrace and celebrate their own local artists and culture”.
“However, as the opportunities for music continue to expand, so too do the areas in which record companies must work to ensure that the value of the music artists are creating is recognised and returned. This challenge is becoming increasingly complex as a greater number of actors seek to benefit from music whilst playing no part in investing in and developing it.”
Listen below to the most-streamed track of 2022.
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