The following is the Global music report 2021 From IFPI recommended by recordtrend.com. And this article belongs to the classification: original, research report, Network entertainment.
According to IFPI, the global record market will grow by 7.4% in 2020, the sixth consecutive year. In 2020, the total revenue of the music industry will be 21.6 billion US dollars.
The growth was driven by streaming media. In particular, the revenue of paid subscription streaming media increased by 18.5%. By the end of 2020, there will be 443 million paying users. Streaming media (including paid subscription and advertising support) revenue increased by 19.9% to $13.4 billion, accounting for 62.1% of global record revenue. Due to the popularity of the new crown, the growth of streaming media revenue has exceeded the decline of other forms, including the decline of 4.7% in physical revenue and 10.1% in copyright revenue.
The work and investment of record companies have laid the foundation for a digital based industry, and the music industry has proved its resilience in the special environment of 2020. In a year full of challenges, record companies and artists’ partners have worked together to support musicians to create and record music, and the whole industry has continued to promote innovation in the way fans around the world experience music.
Growth in all regions of the world
In 2020, record revenues around the world will increase, including:
Latin America is the fastest growing region in the world (15.9%), with streaming media revenue increasing by 30.2%, accounting for 84.1% of the total music revenue in the region.
Asia grew by 9.5%, with digital revenue exceeding 50% of the region’s total music revenue for the first time. Excluding Japan (2.1% revenue decline), Asia would be the fastest growing region, with a growth rate of 29.9%
Music revenue in Africa and the Middle East increased by 8.4%, mainly driven by the Middle East and North Africa region (37.8%). Streaming media dominated, with revenue growth of 36.4%.
As the second largest region in the world, music revenue in Europe increased by 3.5%. Streaming grew by 20.7%, offsetting all other forms of decline.
In 2020, music revenue in the United States and Canada will grow by 7.4%. The US market grew by 7.3% and Canadian revenue by 8.1%.
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