NEW YORK, March 22 — Global music revenues were up 10.2 per cent last year to US$28.6 billion , according figures released yesterday, but record firms are concerned over how to maintain growth in the streaming era.
Swift was followed closely by two Korean bands, Seventeen and Stray Kids, reflecting the increasing spread of K-Pop.by Miley Cyrus, the only song to surpass 2 billion streams , followed byAdvertisement The fastest-growing regions were Sub-Saharan Africa and Latin America , thanks to the spread of streaming and the rise of local stars like Burna Boy, Asake, J Balvin and Bad Bunny.The industry has several key concerns, however, particularly as young people spend increasing time on TikTok and games.
Universal Music Group recently yanked its music off TikTok in a feud over the app’s approach to AI-generated music and song royalties.“Those who want more, and are willing to pay more, need products that are specifically designed for them,” he said.
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