Author : Jennifer Stone
According to IFPI, the International Federation of the Phonographic Industry, the global market for the music industry has risen by 18.5% in the year 2021 through paid streaming and subscriptions. IFPI is the responsible organization that looks after the global recorded music industry.
On Tuesday, the latest statistics and figures have been announced and showed an astounding growth of $25.9 billion of revenue in the year 2021. The list of global artists follows as,
- BTS
- Taylor Swift
- Adele
- Drake
- Ed Sheeran
- The Weeknd
- Billie Eilish
- Justin Bieber
- Seventeen
- Olivia Rodrigo
BTS is truly making a change in the industry with ‘Butter’ being sold over 1.76 billion digital singles. It has also become a part of the top 10 global digital singles along with Lil Nas X’s ‘Montero’, Dua Lipa’s ‘Levitating’, and so on. When it came to top-selling vinyl titles worldwide, Adele takes first place with over 862,000 global units sold of her latest album ‘30’.
Digging further into data, it gets evident that paid subscription and streaming revenue has increased by 21.9% with over 523 million active users with paid accounts. In 2021, the revenue rose up to $12.3 billion which is quite massive.
Total streaming across the major music streaming platforms grew 24.3% more and reached $16.9 billion. In addition to that, the growth of the revenue has been supported by performance rights and physical formats.
The growth of music revenue across different regions
- Asia – 16.1 % growth with a striking share of 49.6% of the global revenues
- Australia – 4.1% growth in total
- Europe – it is the second-largest recorded music region that saw growth of 15.4%
- Latin America – The tropical beats are showing one of the highest growth records with a hooping 31.2%
- The Middle East and Africa – This region seems promising with more than 35.0% growth
- The USA & Canada – This region enhanced the global growth rate with 22% growth in its own region
The announcement took place at a time when Ukraine is devastated by Russia. Considering the global impact, IFPI CEO Frances Moore said, “IFPI stands with our colleagues across the music community in our support for urgent humanitarian relief for refugees and our call for an end to the violence.”
Mr. Moore further added, “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”.
He expressed, “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.”
He believes that the current growth of the industry “creates enormous opportunities for artists”.
