Chennai: The global recorded music market grew by 7.4 per cent in 2020, the sixth consecutive year of growth, according to IFPI, the organisation that represents the recorded music industry worldwide.
Figures released in IFPI’s Global Music Report show total revenues for 2020 were US$21.6 billion. Growth was driven by streaming, especially by paid subscription streaming revenues, which increased by 18.5 per cent.
There were 443 million users of paid subscription accounts at the end of 2020. Total streaming (including both paid subscription and advertising-supported) grew 19.9 per cent and reached $13.4 billion, or 62.1 per cent of total global recorded music revenues.
The growth in streaming revenues more than offset the decline in other formats’ revenues, including physical revenues which declined 4.7 per cent; and revenues from performance rights which declined 10.1 per cent – largely as a result of the Covid-19 pandemic.