Music Industry Revenue Hits Highest Figure Since 2002 At $21 Billion

Image credit: BTS by Big Hit Entertainment

The recorded music industry made the most money in nearly two decades last year totalling $21.6 (£15.7bn) billion in revenue.

The International Federation of the Phonographic Industry’s (IFPI) annual Global Music Report has revealed that revenues grew by 7.4%. Acts such as BTS, Taylor Swift, Drake, Billie Eilish, and The Weeknd have been key in boosting sales. 

The report states that more than 443 million people now pay for a music streaming subscription, which means that 102 million people signed up for a new account in 2020, compared to 85 million in 2019 and 79 million in 2018. 

The best-selling album of 2020 was ‘Map Of The Soul: 7’ by BTS whilst best selling single was held by The Weeknd’s ‘Blinding Lights’, which sold a staggering 2.7 billion copies. The top ten “best-selling” global artists of 2020 were, BTS, Taylor Swift, Drake, The Weeknd, Billie Eilish, Eminem, Post Malone, Ariana Grande, Juice WRLD, and Justin Bieber. 

According to the report streaming platforms such as Spotify and Apple Music accounted for 62.1% of all revenues, reaching $13.4 billion (£9.7 billion). 

Speaking about the report and positive figures Frances Moore, IFPI chief executive said: “Some things are timeless, like the power of a great song or the connection between artists and fans. But some things have changed. With so much of the world in lockdown and live music shut down, in nearly every corner of the globe most fans enjoyed music via streaming.”

Music journalist and photojournalist based in Cornwall.

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