Following reports from around the globe, France saw music industry growth despite huge losses thanks to the boom in streaming.
Following reports from the U.S. and Italy that their music industry has grown despite the setbacks of COVID, France are the latest to show the same. Whilst physical music sales seem to have fallen massively across the board, music streaming has risen so drastically as to offset the negative effects.
The latest report from France’s SNEP shows that phsyical music sales dropped by a huge 36.8% compared to the first half of 2019. However, with music streaming revenue up 17.7% France’s music industry just about avoided a dip for the first half of the year with 0.4% growth overall.
The report found that France’s very own music streaming service, Deezer, led the way for services with 33% of the streaming market. Close behind was Spotify with 27% and then Apple Music in third with 13%.
In Italy’s report, they found an interesting trend. Their huge growth in music streaming saw that it was being boosted by older generations picking up the format that has been heavily adopted by younger generations. This wider adoption has had a big influence this year, when streaming has made music accessible for people in lockdown, in growing the streaming industry.