IFPI: MUSIC REVENUE HITS $26.2B

Recorded music generated $26.2b globally in 2022, with nearly half that—$12.7b—coming from subscription-audio streaming services, the International Federation of the Phonographic Industry has reported.

Revenue was up 9% from 2021. More than two-thirds of the total—$17.5b—came from streaming, which was up 11.5%. Vinyl sales helped push physical revenue up 4%, sync income rose 22.3% and performance-rights revenue was up nearly 9%.

“This year’s report tells the continued story of record companies’ commitment to their core mission—working with artists to help them achieve their greatest creative and commercial potential over the course of a career,” said IFPI CEO Frances Moore. “However, as the opportunities for music continue to expand, so too do the areas in which record companies must work to ensure that the value of the music artists are creating is recognized and returned. This challenge is becoming increasingly complex as a greater number of actors seek to benefit from music while playing no part in investing in and developing it.”

The U.S. was up 4.8%, exceeding $10b for the first time. China was up 28.4%—it became a Top 5 market for the first time—and Latin America saw its 10th consecutive year of growth, rising 25.9%.

IFPI's report can be read here.

The growth of the global industry continues, with the global recorded music market rising to US$26.2 billion, up by 9.0% https://t.co/OPo6bStjD9 #GlobalMusicReport pic.twitter.com/b0yZXl2ybq

— IFPI (@IFPI_org) March 21, 2023