Global Recorded Music Revenues Grew 9.0% In 2022 - IFPI Global Music Report 2023 21 Mar 2023
Subscription audio streaming revenues increased by 10.3% to US$12.7 billion and there were 589 million users of paid subscription accounts at the end of 2022. Total streaming (including both paid subscription and advertising-supported) grew by 11.5% to reach US$17.5 billion, or 67.0% of total global recorded music revenues. There was growth in other areas too 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%.
“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. That requires an artist-label partnership that constantly evolves and innovates so that it can capitalise on opportunities in more business areas and more parts of the world.
“Record companies’ investment and innovation has helped make music even more globally interconnected than ever, building out local teams around the world, and working with artists from a growing variety of music scenes. This is driving music’s development whilst enabling fans to seize the expanding opportunities to embrace and celebrate their own local artists and culture.
“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 recognised and returned. This challenge is becoming increasingly complex as a greater number of actors seek to benefit from music whilst playing no part in investing in and developing it.”
Growth in the world’s regions:
Recorded music revenues grew in every region around the world in 2022:
- Asia grew by 15.4% with its largest market, Japan, seeing growth of 5.4% whilst the second largest market, China, grew by more than 20% (28.4%), becoming a global top five market for the first time. In a continuing trend, Asia also accounted for almost half of global physical revenues (49.8%).
- Australasia experienced growth of 8.1%, an increase on the prior year’s growth rate of +4.7%. Australia (+8.1%) remained a top 10 market globally and New Zealand saw a rise in streaming revenues push the overall market to growth of 8.0%.
- Revenues in Europe, the second-largest recorded music region in the world, grew by 7.5%, with the region’s three biggest markets all posting gains: UK (+5.4%), Germany (+2.2%) and France (+7.7%).
- Latin America saw gains of 25.9%, maintaining more than 10 years of regional increases. Every market in the region posted double-digit growth.
- Middle East and North Africa – previously the fastest growing market in 2021, MENA had third highest growth rate in 2022, seeing increase of 23.8%, and representing the highest share for streaming of any region globally (95.5%).
- Sub-Saharan Africa – becoming the fastest growing region in 2022 with more than 30% growth (34.7%), SSA was driven largely by a significant boost to revenues in the region’s largest market, South Africa (+31.4%).
- The USA & Canada region – the world’s largest in revenue terms - grew by 5.0% in 2022; The world’s single biggest market, the USA, grew by 4.8% a – exceeding US$10 billion for the first time - and Canadian recorded music revenues increased by 8.1%.
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THE HEADLINES
Spotify talks growth, bundle royalties and short-video plans (see Digital)
BPI CEO calls on music industry and government to unite around 5 key priorities to support human artistry and sustainably promote British music (see News)
Hipgnosis Song Management fires back at Songs Fund board (see Business)
Blackstone bid for Hipgnosis receives backing from board (see Business)
Taylor Swift’s new album breaks Spotify records (see News)
Independence - what’s up with that BPI press release about 2023 music consumption? (see Comment)
Creator Remuneration Working Group meet for the first time (see News)
Concord's takeover of Hipgnosis (see Analysis)
Concord set to acquire Hipgnosis Songs Fund (see Business)
Is the music industry gaslighting artists? (see Comment)
BPI’s new Yearbook highlights an independent sector growing for a sixth consecutive year (see Reports)
Can’t cross the moat? Walk around it. (see Comment)
The conversation around Fandom needs to change (see Opinion)
Viagogo: Carrying on ticketing, despite the controversy (see News)
Taylor Swift songs return to TikTok (see Digital)
Spotify plans new remixing tools for the TikTok generation (see Digital)
Is Spotify plotting a largescale push into short-form video? (see Digital)