Streaming Boosts Recorded Music Revenue

Global Recorded Music Industry Revenues 1999-2022 (US$ Billions)

The global recorded music market grew by 9.0% in 2022, driven by growth in paid subscription streaming, according to IFPI, the organisation that represents the recorded music industry worldwide. Figures released today in IFPI’s Global Music Report show total trade revenues for 2022 were US$26.2 billion.

Subscription audio streaming revenues increased by 10.3% to US$12.7 billion and there were 589 million users of paid subscription accounts at the end of 2022. Total streaming (including both paid subscription and advertising-supported) grew by 11.5% to reach US$17.5 billion, or 67.0% of total global recorded music revenues. There was growth in other areas too with physical revenues remaining resilient (+4.0%); performance rights revenue increasing by 8.6% and returning to pre-pandemic levels; and synchronization income climbing by 22.3%.

Frances Moore

Commenting on the release of the Global Music Report, IFPI Chief Executive Frances Moore, said:

“This year’s report tells the continued story of record companies’ commitment to their core mission – working with artists to help them achieve their greatest creative and commercial potential over the course of a career. That requires an artist-label partnership that constantly evolves and innovates so that it can capitalise on opportunities in more business areas and more parts of the world.

“Record companies’ investment and innovation has helped make music even more globally interconnected than ever, building out local teams around the world, and working with artists from a growing variety of music scenes. This is driving music’s development whilst enabling fans to seize the expanding opportunities to embrace and celebrate their own local artists and culture.

“However, as the opportunities for music continue to expand, so too do the areas in which record companies must work to ensure that the value of the music artists are creating is recognised and returned. This challenge is becoming increasingly complex as a greater number of actors seek to benefit from music whilst playing no part in investing in and developing it.”