Streaming became the largest source of income for composers and songwriters in 2022 and helped boost their collections by more than a quarter to 10.83 billion euros ($11.44 billion), a report showed on Thursday.
Digital royalty collections surged nearly 34% to 4.2 billion euros in 2022 as more consumers turned to music and video subscription services, the International Confederation of Societies of Authors and Composers (CISAC) said in the report.
Royalties from the live and public performance sector - including concerts, exhibitions and theatres - rose by 69.9% to 2.68 billion euros in 2022, but remained below 2019 levels of around 7.9% after collapsing during the pandemic.
The report said live entertainment has continued its rebound in 2023 on the back of pent-up demand and could grow past pre-pandemic levels.
It warned, however, that the outlook beyond 2023 was uncertain because of concerns over consumer spending and tightening touring budgets of artists.
Earlier this week, music-streaming giant Spotify (SPOT.N) reported a rise of 26% in the number of its monthly active users to 574 million in the third quarter, beating its own guidance and analysts' forecast of 565.7 million.
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