Music industry body the IFPI was due to publish its annual Global Music Report in March, with data on worldwide recorded music revenues in 2019. The launch was postponed due to the Covid-19 pandemic, but the report has now been published today.
The headline figure: global recorded music revenues grew by 8.2% to $20.2bn in 2019, fuelled by streaming, which for the first time accounted for more than half of the total. In fact, it was 56.1% with $11.4bn of revenues.
That streaming income grew by 22.9% in 2019, including a 24.1% increase in paid subscriptions, which is now 42% of the total. The IFPI says that there were 341 million ‘users of paid subscriptions’ at the end of 2019, up by 33.5% year-on-year. That includes non-paying users of family plans.
The overall total is the highest since 2004, when global revenues were $20.3bn. Streaming’s growth once again more than made up for the decline in physical music sales (down 5.3% in 2019) and download sales and other digital revenues (down 15.3%).
The IFPI says that global performance rights revenue fell by 3.6% in 2019, but said this was “largely attributable to one-off settlements in 2018” which spiked that year’s total. Meanwhile, sync revenues from advertising, film, games and TV grew by 5.8%.
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Source: Music ally