Frances Moore, chief executive of IFPI, said: “The Global Music Report we issued today covers results for 2019 and reflects the successful work and investment of music creators – from record companies to artists and beyond. Importantly, the strong foundation we built over the past several years helped deliver growth in 2019.
“While the numbers we are reporting are a snapshot of the business last year, the COVID-19 pandemic presents challenges unimaginable just months ago. In the face of a global tragedy, the music community has united behind efforts to support those affected. This is a critical and ongoing priority as our member record companies work to continue to support the careers of artists, musicians and employees around the world.”
2019 Global Results:
- For the full year 2019, total revenues for the global recorded music market grew by 8.2% to US$20.2 billion.
- Streaming revenue grew by 22.9% to US$11.4 billion and for the first time accounted for more than half (56.1%) of global recorded music revenue. Growth in streaming more than offset a -5.3% decline in physical revenue, a slower rate than 2018.
- This growth was driven by a 24.1% increase in paid subscription streaming with nearly all markets reporting growth in this area. There were 341 million users of paid streaming services at the end of 2019 (+33.5%), with paid streaming accounting for 42% of total recorded music revenue.
- The work and investment from record companies continued to drive dynamic growth in diverse music markets in 2019; their global networks supporting artists and their music communities, enabling them to engage with and influence others in exciting ways around the world.
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