Global recorded music revenues grew 9% in 2022 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 2022 were US$26.2 Bn.
Subscription audio streaming revenues increased by 10.3% to US$12.7 Bn and there were 589 million users of paid subscription accounts at the end of 2022. Total streaming (including both paid subscription and advertising-supported) grew by 11.5% to reach US$17.5 Bn, or 67.0% of total global recorded music revenues. There was growth in other areas too with physical revenues remaining resilient (+4.0%); performance rights revenue increasing by 8.6% and returning to pre-pandemic levels; and synchronisation income climbing by 22.3%.
Growth in the world’s regions
Recorded music revenues grew in every region around the world in 2022.
- Asia grew by 15.4% with its largest market, Japan, seeing growth of 5.4% whilst the second largest market, China, grew by more than 20% (28.4%), becoming a global top five market for the first time. In a continuing trend, Asia also accounted for almost half of global physical revenues (49.8%).
- Australasia experienced growth of 8.1%, an increase on the prior year’s growth rate of +4.7%. Australia (+8.1%) remained a top 10 market globally and New Zealand saw a rise in streaming revenues push the overall market to growth of 8.0%.
- Revenues in Europe, the second-largest recorded music region in the world, grew by 7.5%, with the region’s three biggest markets all posting gains: UK (+5.4%), Germany (+2.2%) and France (+7.7%).
- Latin America saw gains of 25.9%, maintaining more than 10 years of regional increases. Every market in the region posted double-digit growth.
- Middle East and North Africa – previously the fastest growing market in 2021, MENA had third highest growth rate in 2022, seeing increase of 23.8%, and representing the highest share for streaming of any region globally (95.5%).
- Sub-Saharan Africa – becoming the fastest growing region in 2022 with more than 30% growth (34.7%), SSA was driven largely by a significant boost to revenues in the region’s largest market, South Africa (+31.4%).
- The US & Canada region – the world’s largest in revenue terms – grew by 5.0% in 2022; The world’s single biggest market, the US, grew by 4.8%, – exceeding US$10 Bn for the first time – and Canadian recorded music revenues increased by 8.1%.
A copy of the Global Music Report 2023 – State of the Industry report (English language) can be freely downloaded here.
