French record industry grows 12.7% in first half of 2019 with 80% of the Top 200 albums made locally in France according to a recent report by SNEP, the French music industry association. Local music production and the growth of streaming were the key drivers in this good performance.
The success of French artists, who had 18 of the 20 best sales in the first 6 months of the year, contributed to the continuing strong demand for locally produced music. In the last five years, 17 to 19 French productions have regularly featured in the top 20 annual album sales. Of particular note is the performance of young French talent with 20% of the best sales of the semester being first albums produced in France.
The 12.7% growth for the first six months of the year produced a turnover of €277 million, but this period usually only represents around 40% of the annual market.
Digital increased by 23% and now generates more than 2/3 of revenues (vs. 60% in the first half of 2018). With 28.3% growth compared to the first half of 2018, streaming revenue contributes €175.3 million, or 93% of digital revenues (vs. 89% in the first half of 2018).
Physical sales are stabilizing and still represent a third of turnover thanks to a unique distribution network of more than 4,000 points of sale combined with a strong commitment of French consumers to these formats. However, the bulk of physical sales are made in the second half of the year and especially in the holiday season.
Alexandre LASCH, CEO of SNEP, says: “Audio streaming subscriptions are now the major source of value creation in our market. However, France still has less than 6 million subscribers and the room for improvement remains considerable to turn this new growth found into a sustainable model.”
The Recorded Music Market Report for the first half of 2019 (in French) can be downloaded here.
