Music industry

Music industry sees double-digit global growth in 2021

Driven by the growth of paid subscription streaming, total global music market revenue was $25.9 billion last year. EVERYDAY CHINA

The global recorded music market grew by 18.5% in 2021 despite the impact of the Covid-19 pandemic, according to the annual World Music Report released by the International Federation of the Phonographic Industry on March 22.

IFPI is the voice of the recording industry worldwide, representing over 8,000 record label members worldwide with affiliate organizations in over 70 countries.

China ranks sixth in the world among music markets, according to the report. In 2021, China was in seventh place.

Driven by the growth of paid-subscription streaming, total global music market revenue stood at $25.9 billion last year, according to the report. Paid subscription streaming revenue grew 21.9%. There were 523 million paid subscription account users at the end of 2021.

He said record labels are working to drive this continued growth for the broader music ecosystem. With local teams and expertise spread across the globe, they have invested in local artists and genres and support their development in their markets and beyond.

In markets with high growth potential in Asia, Latin America and Africa, as well as in more mature markets such as Europe and North America, labels are taking deep root and helping to foster advancement dynamic and diverse local musical ecosystems.

“Around the world, record labels are engaging at a very local level, supporting musical cultures and fostering the development of emerging music ecosystems – championing local music and creating opportunities for it to reach global audiences. . As more and more markets mature, they join and contribute to the rich and globally interconnected world of music,” said IFPI CEO Frances Moore, commenting on the latest World Music Report. .

She also noted that as technologies and the online environment continue to evolve and grow, so do the creative opportunities to share musical experiences.

CHINA DAILY/ASIA NEWS NETWORK