London (EFE).- The global market for recorded music grew by 9% in 2022, driven, above all, by the growth in paid subscription streaming services, according to a report released this Tuesday by the International Federation of the Recording Industry (IFPI).
The data in the document, prepared by the organization that represents this industry worldwide, shows that the commercial income corresponding to last year was 26.2 billion dollars (24.334 billion euros).
Launching the report in London, IFPI CEO Frances Moore today stressed that “this is the eighth year of growth” for the recorded music industry, which is “certainly something to feel excited, driven mostly by paid subscription services, but not only for that.”
Almost 600 million users
Earnings from streaming audio service subscriptions (listening without downloading) rose 10.3% to 12.7 billion dollars (11.795 billion euros) and there were 589 million users of paid subscription accounts at the end of 2022 .
Total streaming services, including paid subscriptions and those that receive advertising support, grew by 11.5% to reach 17,500 million dollars (16,254 million euros), which represents 67.0% of the Total global recorded music revenue.
The report also detected growth in other areas such as physical formats, where profits continued to be resilient -increased by 4.0%-, and revenue from performance rights rose by 8.6%, returning to pre-existing levels. pandemic.
According to Moore, the report reflects record labels’ “commitment to their core mission, working with artists to help them achieve their greatest creative and commercial potential throughout the course of a career.”
The board also said that “as music opportunities continue to expand, so do the areas in which record labels must work to ensure that the value of the music artists create is recognised.”
Highlights growth in Asia
Among some notable data, growth in recorded music revenue by region increased 15.4% in Asia, with its largest market being Japan, which experienced a rise of 5.4%, while China – the second largest Asian market – grew by 28.4%.
In Europe, the second largest recorded music region in the world, the IFPI detected growth of 7.5%. The three main European markets (UK, Germany and France) grew by 5.4%, 2.2% and 7.7% respectively.
In Latin America, the gains for 2022 were 25.9%, maintaining more than 10 years of regional increases.
Simon Robson, international president of recorded music for the Warner Music label, said today at the event that the case of Latin America is “a spectacular success story.”
Latam saw a growth of 25.9% in 2022, “which makes the Latin American market now worth 1,300 million dollars (1,200 euros), compared to 2017, when it was estimated at 450 million dollars (417 million euros)” , said.
Robson also stressed that Latin American music “is becoming increasingly influential” on the charts in the rest of the world.
“Now, on a regular basis, we see in the lists of the first hundred that a third of the artists are Latin American, which shows the impact that it is having,” he observed, while pointing out that it is having “a growing influence on United States”, a “really significant” fact in the industry.