Streaming Drives 2021 Music Sales To Record US$26bn

Global recorded music revenues rose 18.5 percent to a record US$25.9 billion last year, driven by an increase in paid subscription streaming, according to a report released on Tuesday. The numbers represent the market's seventh consecutive year of growth.

A recovery in physical retail following Covid-19 lockdowns also allowed physical music formats to enjoy growth for the first time in 20 years. The findings are contained in the Global Music Report, which is produced by IFPI, a trade body for the recorded music industry.

Paid subscription streaming revenues rose 21.9 percent to US$12.3 billion, the IFPI said, adding that there were 523 million users of paid subscription accounts at the end of the year. Overall streaming accounted for 65 percent of total revenues. Physical format revenues rose 16.1 percent to US$5 billion.

"Around the world, record companies are engaging at a very local level to support music cultures and bring on the development of emerging music ecosystems — championing local music and creating the opportunities for it to reach a global audience," IFPI Chief Executive Frances Moore said.

"Consequently, today's music market is the most competitive in memory. Fans are enjoying more music than ever and in so many different and new ways."

Total streaming, which includes advertising-supported streaming, rose 24.3 percent. Revenues from performance rights and synchronisation, the use of recorded music in adverts, film, television and games, also enjoyed growth.

The only channel to see a decline was downloads and other digital formats, with revenues down 10.7 percent, as more people turned to access models of listening to music instead of ownership.

Recorded music revenues grew in every region, with the fastest rate of 35 percent being recorded in the Middle East and North Africa. That was followed by Latin America, with 31.2 percent, the US and Canada with 22 percent, and Asia with 16.1 percent.

Revenues in Europe rose 15.4 percent, sub-Saharan Africa saw an increase of 9.6 percent and in Australasia the rate was 4.1 percent.

British music star Adele's "30" was the biggest-selling album of the year, while Canadian singer The Weeknd's hit single "Save Your Tears" garnered 2.15 billion streams, the IFPI has previously said. (Reuters)