IFPI, the organisation that represents the recorded music industry worldwide, today issued its annual Global Music Report.
Frances Moore, chief executive of IFPI, said: “The Global Music Report we issued today covers results for 2019 and reflects the successful work and investment of music creators – from record companies to artists and beyond. Importantly, the strong foundation we built over the past several years helped deliver growth in 2019.
“While the numbers we are reporting are a snapshot of the business last year, the COVID-19 pandemic presents challenges unimaginable just months ago. In the face of a global tragedy, the music community has united behind efforts to support those affected. This is a critical and ongoing priority as our member record companies work to continue to support the careers of artists, musicians and employees around the world.”
2019 Global Results:
For the full year 2019, total revenues for the global recorded music market grew by 8.2% to US$20.2 billion.
Streaming revenue grew by 22.9% to US$11.4 billion and for the first time accounted for more than half (56.1%) of global recorded music revenue. Growth in streaming more than offset a -5.3% decline in physical revenue, a slower rate than 2018.
This growth was driven by a 24.1% increase in paid subscription streaming with nearly all markets reporting growth in this area. There were 341 million users of paid streaming services at the end of 2019 (+33.5%), with paid streaming accounting for 42% of total recorded music revenue.
The work and investment from record companies continued to drive dynamic growth in diverse music markets in 2019; their global networks supporting artists and their music communities, enabling them to engage with and influence others in exciting ways around the world.
2019 Regional Highlights:
For the fifth consecutive year, Latin America was the fastest-growing region (+18.9%) with its three largest markets growing strongly: Brazil (+13.1%); Mexico (+17.1%); and Argentina (+40.9%).
Europe, the world’s second-largest region, grew 7.2% – after being almost flat in 2018 – with UK (+7.2%), Germany (+5.1%), Italy (+8.2%) and Spain (+16.3%) reporting strong growth.
Asia saw overall growth of 3.4%, a slower rate of growth than 2018, but this was largely due to Japan (-0.9%), which saw a decline in physical sales (-4.8%), its dominant format. Elsewhere in the region, South Korea, China and India all experienced strong growth, (8.2% 16.0% and 18.7% respectively).
Australasia grew by 7.1% with overall digital revenues rising 11.6% and physical format revenues falling 20.4%. Australia, a top 10 market, recorded growth of 6.0% with neighbouring New Zealand posting an increase of 13.7%.
US & Canada grew by 10.4%, remaining the largest region for recorded music revenues, accounting for 39.1% of the global market. The US grew by 10.5%, its fifth consecutive year of growth. Canada, which was largely flat the prior year, increased by 8.1%.
Global Music Report: The Industry in 2019 The state of the industry report is available for free here
Global Music Report: Full Report – with Data and Analysis Purchase the full data and analysis report here.