2018 saw another year of growth for recorded music all around the world as music streaming gets bigger in more and more countries.
In 2018 the global recorded music market grew by 9.7% according to the recorded music industry trade group IFPI’s Global Music Report 2019. This is the fourth year of consecutive growth for music worldwide after the advent of online piracy caused revenues to drop for an extended period.
Music streaming services offered a legitimate solution to the issue of music streaming that brought money back to unlimited music access and the effects are clear to see. In 2018 music streaming revenues were up 34% worldwide, making up almost half of the $19.1 billion in global recorded music revenues.
Last year, for the first time music streaming’s growth offset the decline in physical revenues and digital downloads which were down 10.1% and 21.2% respectively. The largest growth was seen throughout South America, with 16.8% growth in the region. Asia is also seeing significant growth in music.
The IFPI’s chief executive Frances Moore said: “Last year represented the fourth consecutive year of growth, driven by great music from incredible artists in partnership with talented, passionate people in record companies around the world. Record companies continue their investment in artists, people and innovation both in established markets and developing regions that are increasingly benefiting from being part of today’s global music landscape.
As music markets continue to develop and evolve, it is imperative that the appropriate legal and business infrastructure is in place to ensure that music is fairly valued, and that the revenues are returned to rights holders to support the next cycle of development. We continue to work for the respect and recognition of music copyright around the world, and for the resolution of the value gap by establishing a level playing field for negotiating a fair deal for those who create music. Above all, we are working to ensure that music continues its exciting global journey.”
Read the full report here: