Global recorded music market grows by 9.0% in 2022 driven by streaming – report
The global recorded music market saw significant growth in 2022, with figures released by the International Federation of the Phonographic Industry (IFPI) showing total trade revenues of US$26.2 billion (about KES 3.43 trillion).
The 9.0 percent growth was attributed to paid subscription streaming, with subscription audio streaming revenues increasing by 10.3 percent to US$12.7 billion.
The number of paid subscription accounts also saw a significant rise, reaching 589 million by the end of 2022.
Total streaming, including both paid subscription and advertising-supported, grew by 11.5 percent to reach US$17.5 billion, accounting for 67.0 percent of total global recorded music revenues.
Other areas also saw growth, with physical revenues remaining resilient (+4.0%), performance rights revenue increasing by 8.6% and returning to pre-pandemic levels, and synchronisation income climbing by 22.3%.
Recorded music revenues grew in every region around the world in 2022. Asia saw the most significant growth at 15.4%, with China becoming a global top-five market for the first time with growth of over 20% (28.4%).
Australasia experienced growth of 8.1%, and Europe saw growth of 7.5%, with the region’s three biggest markets all posting gains.
Latin America maintained more than 10 years of regional increases, seeing gains of 25.9%.
The Middle East and North Africa had the highest share for streaming of any region globally (95.5%) and saw growth of 23.8%.
Sub-Saharan Africa became the fastest-growing region in 2022 with more than 30% growth (34.7%), largely driven by a significant boost to revenues in the region’s largest market, South Africa.
IFPI Chief Executive Frances Moore commented on the continued story of record companies’ commitment to their core mission of working with artists to help them achieve their greatest creative and commercial potential over the course of their careers. She also acknowledged the challenges in ensuring the value of music is recognised and returned as more actors seek to benefit from it.
IFPI Sub-Saharan Regional Director Angela Ndambuki said that it continues to be an exciting time for music in Sub-Saharan Africa, with record companies driving the development of healthy music markets, creating opportunities for local artists, and fostering local cultures.
She emphasized the importance of working with governments across the region to ensure the right policies are in place for a thriving recording industry.