Globally, paid subscription streaming revenue rose a significant 21.9% to $12.3 billion.
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Latin America increased for the twelfth year, boosted above all by Brazil, which increased by 32%, and Mexico, with 27.7% more, reveals the study.
The world music market grew a record 18.5% in 2021, driven by streaming, with Latin America as “one of the regions with the most potential,” the International Music Federation said on Tuesday. Phonographic Industry (IFPI).
The IFPI, which brings together the main record companies, presented its Global Music Report 2022 at London’s Soho Hotel, which collects the latest data on sales and consumption of recorded music (not live) in the world.
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After dedicating a few words of solidarity to Ukraine, the CEO, Frances Moore, revealed that the sector’s revenues in 2021, which amounted to 25.9 billion dollars (regarding 23.47 billion euros), “are the largest ever recorded”, with a expansion in all territories and formats, except for digital downloads.
After the Middle East and North Africa, which grew by 35%, Latin America, driven by Mexico and Brazil, was the region with the highest increase in profits, with 31.2% more, of which 85 .9% was due to streaming.
“Streaming” and Latin America, in expansion
Globally, paid subscription streaming revenue increased by a significant 21.9% to $12.3 billion, with around 523 million users accounted for.
Total streaming volume (which includes both pay-per-view and ad-financed) rose 24.3% to $16.9 billion, accounting for 65% of global revenue music industry totals.
Apart from the unstoppable gains from streaming, physical formats expanded by 16.1% in 2021; performance rights contributed 4% more and synchronization (use of music in cinema or ) rose 22%, while sales through digital downloads only fell 10.7%, the report indicates.
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By region, following the Middle East and North Africa (35%) and Latin America (31.2%), the United States and Canada (22%) led growth; Asia (16.1%); Europe, with 15.4% (spurred on by the United Kingdom, Germany and France); Sub-Saharan Africa (9.6%) and Australasia (4.1%).
With a global market share of 3.9%, revenues in Latin America increased for the twelfth year, boosted above all by Brazil, which increased by 32%, and Mexico, with 27.7% more, reveals the study.
The largest markets are the United States, Japan, the United Kingdom, Germany, France, China, South Korea, Canada, Australia, and Italy.
Artist and record companies
The most popular musicians in 2021 were BTS, Taylor Swift, Adele, Drake, Ed Sheeran, The Weeknd, Billie Eilish, Justin Bieber, Seventeen and Olivia Rodrigo, according to the IFPI.
Adele’s “30” was the best-selling album across all formats, including vinyl, while The Weeknd’s single “Save Your Tears” won 2.15 billion streams, followed by The Kid’s “Stay.” Laroi/Justin Bieber ($2.07 billion) and Dua Lipa’s “Levitating” ($1.88 billion).
With the rise of the internet, record labels have had to reconsider their role to remain relevant, Moore admitted in the presentation.
“The current market is more competitive than ever”, since music can be heard “in many new and different ways” and “there are no barriers to entry, anyone can record a song and broadcast it on the Internet”, he stated.
But while this creates “huge opportunities for artists”, it also makes it harder for them to stand out, with more than 60,000 tracks being posted on digital platforms every day, the board said.
“And this is where the record companies have their role,” he said.
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“When artists partner with a label, they benefit from the support of highly responsive and skilled global teams of experts who are dedicated to helping them achieve both creative and commercial success and build long-term careers,” he argued at the event. London.
Moore noted that record companies must work to discover artists with local roots and continue to invest in technologies that allow “improving the experience” for both artists and consumers.