The music sector increased its revenue by 10.2% worldwide last year, totaling US$28.6 billion, and Latin America It was one of the regions that grew the most, almost 20%, according to figures published on Thursday.
The most successful artist was – no surprises – the American Taylor Swift, according to the annual report of the International Federation of the Phonographic Industry, which represents the major record companies.
Behind Swift appear two Korean bands, Seventeen and Stray Kids, reflecting the great rise of K-Pop.
The best-selling songs were “Flowers” by Miley Cyrus, the only song that exceeded 2,000 million views (2,700 more exactly), followed by “Calm Down” from Rema and Selena Gomez (1.89 billion) and “Kill Bill” of Sza (1,840 million).
The music industry grew for the ninth consecutive year, thanks in large part to the continued growth of music (“streaming”, 11.2%), which already represents more than two thirds (67.3%) of global income.
Paid streaming subscriptions surpassed 500 million for the first time, reaching 667 million. Physical formats, especially vinyl, also experienced growth, with an increase in 13.4% about the sales.
“The figures in this year’s report reflect a truly global and diverse industry, with revenue growth in every market, every region and in virtually every recorded music format.”said John Nolan, IFPI chief financial officer.
The fastest growing regions were sub-Saharan Africa (a 24.7%) and Latin America (a 19.4%), thanks to the spread of streaming and the emergence of local stars such as Burna Boy, Asake, J Balvin and Bad Bunny.
The largest music markets remained the United States, Japan and Great Britain. However, the industry faces several challenges, especially as young people spend more time on TikTok and playing online games.
“Short clip video platforms with advertising do not have the possibility of generating paid subscriptions” warned Sony Music’s Dennis Kooker at a press conference to launch the IFPI report.
And those tools at the same time “they are becoming the primary consumption platforms for many young consumers”he added.
Universal Music Group recently removed its music from TikTok over disagreements over AI-generated music and song copyrights.
Record labels are increasingly focused on superfans, Kooker explained. “Those who want more, and are willing to pay more, need products designed specifically for them”, said. But companies cannot convince the public to pay for streaming.
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Source: Gestion
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