According to IFPI, the organization that promotes the recorded music business worldwide, the global recorded music market rose by 18.5 per cent in 2021, led by growth in paid subscription streaming. Total revenues for 2021 were US$25.9 billion, according to the IFPI's Global Music Report, which was issued recently.
Revenues from paid subscription streaming rose by 21.9 per cent to US$12.3 billion. At the end of 2021, there were 523 million paid subscription account users.
Total streaming income (which includes both paid subscription and advertising-supported streams) increased by 24.3 per cent to US$16.9 billion, accounting for 65.0 per cent of total global recorded music revenue. Gains in other sectors, such as physical formats (+16.1 per cent) and performance rights (+4.0 per cent), aided growth in addition to streaming income.
According to an IFPI press release, 'Record companies are working to drive this continuing growth for the broader music ecosystem. With local teams and expertise around the globe, they invest in local artists and genres and support their development. In high-potential growth markets across Asia, Latin America and Africa, as well as more mature markets, like Europe and North America, labels are putting down deep roots and helping to foster the continued advancement of vibrant and diverse local music ecosystems.'
Meanwhile, the growth for Jamaican music seems to be sluggish based on data from Spotify, MRC Data and NielsenBDSradio in the United States the biggest music market. in addition, credible numbers in terms of airplay, streaming and sales for Jamaican genres are not easily captured.
Recorded music revenues grew in every region around the world in 2021:*
Asia grew by 16.1%, with its largest market, Japan, seeing growth of 9.3%. Excluding Japan the region experienced a 24.6% climb in revenues. In a continuing trend, Asia also accounted for a significant share of the global physical revenues (49.6%).
Australasia experienced growth of 4.1%. Australia (+3.4%) remained a top 10 market globally and New Zealand saw a rise in streaming revenues push the overall market to growth of 8.2%.
Revenues in Europe, the second-largest recorded music region in the world, grew by 15.4%, a steep increase on the prior year’s growth rate of 3.2%. The region’s biggest markets all saw double digit percentage growth: UK (+13.2%), Germany (+12.6%) and France (+11.8%).
Latin America saw growth of 31.2% – one of the highest growth rates globally. Streaming accounted for 85.9% of the market, one of the highest proportions in any region.
Middle East and North Africa – split out as a separate region in the Global Music Report for the first time – experienced growth of 35.0%; the fastest regional growth rate globally. Streaming was a particularly strong driver in the region, with a 95.3% share of the market.
Sub-Saharan Africa – also split out for the first time in IFPI’s reporting – saw revenue growth of 9.6% in 2021, largely driven by streaming. Ad-supported was particularly strong in this region, with revenues from this format growing by 56.4%.
The USA & Canada region grew by 22.0% in 2021, outpacing the global growth rate. The USA market alone grew by 22.6% and Canadian recorded music revenues grew by 12.6%. *Source IFIP