LONDON : Global recorded music revenues rose 9 per cent last year to $26.2 billion, with growth registered in every region and an increase in paid subscription streaming helping drive sales, a report said on Tuesday.
Revenues from CDs, vinyl and other physical formats rose 4 per cent to $4.6 billion, a slower rate than 2021's growth of 16.1 per cent, which was boosted by a post-pandemic recovery, the IFPI's Global Music Report said. "This is driving music’s development whilst enabling fans to seize the expanding opportunities to embrace and celebrate their own local artists and culture."
Also boosting growth were rising performance rights revenues which increased by 8.6 per cent, returning to pre-pandemic levels.Recorded music revenues rose around the world, led by sub-Saharan Africa which registered a growth rate of 34.7 per cent, followed by Latin America with 25.9 per cent, Middle East and North Africa with 23.8 per cent, Asia with 15.4 per cent and Australasia with 8.1 per cent.