Report: Recorded Music Industry Shows Growth

It’s been a long time coming, but the global recorded music industry is finally “well on the road to recovery,” declared Frances Moore, chief executive, IFPI, at the London launch of IFPI’s annual Digital Music Report.

In 2012, strong growth in digital sales and services helped fuel a 0.3% rise in global recorded music revenues – the first year of industry growth since 1999, says IFPI.

BillboardBiz reports the Digital Music Report, which was unveiled today (Feb. 26) at IFPI's London offices, placed total digital revenues for 2012 at $5.6 billion, up 9% on 2011’s figure of $5.2 billion. Digital now accounts for more than a third of total industry revenues (34%) with digital revenues making up more than 50% of all recorded music income in Norway, Sweden and the U.S.

This year's report also stated that:

Subscription services saw a 44% rise in the number of fee-paying customers, with 20 million paying subscribers globally in 2012. Last year, subscription services are expected to have accounted for over 10% of total digital music revenues for the first time.

Carly Rae Jepsen’s “Call Me Maybe” was the top-selling single of 2012 moving more than 12.5 million units worldwide. Gotye’s “Somebody That I Used to Know” featuring Kimbra was the second best-selling single of 2012, moving 11.8 million units. Psy’s “Gangnam Style” was at No. 3 with worldwide sales of 9.7 million units.

Adele’s “21” is the first album to top the global albums chart for two consecutive years since IFPI began reporting global best-sellers in 2001. The all-conquering, Grammy-winning set sold 8.3 million units in 2012 and 18.1 million in 2011. The next best-selling artist album globally was Taylor Swift’s “Red,” moving 5.2 million units worldwide. One Direction’s first two studio albums “Up All Night” and “Take Me Home” were the No. 3 and No. 4 best-selling albums of 2012 globally, selling 4.5 million units and 4.4. million, respectively.

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