Whilst 2020 has hit many hard, recorded music around the world is proving it takes more than a global pandemic to slow down streaming’s boost to the music industry.
We don’t need to tell you how troublesome 2020 has been for all kinds of industries around the world. Sadly, the music industry has been hit incredibly hard as well thanks to the cancellation of gigs and festivals all over the place. But there is a light at the end of the tunnel, recorded music revenues have still been growing this year.
Spain have just revealed their music industry revenues for the first half of 2020. Thanks to continuously increasing revenues from music streaming the country’s recorded music revenues grew by 4% this year. So says ProMusicae, Spanish trading body.
This aligns with trends seen elsewhere, including Germany who were reported last month to show 4.8% growth. Whilst Coronavirus has no doubt had an impact on growth, its great to see the continuing trend caused by years of uptake in music streaming services.
Last year, music streaming made up nearly 4/5ths of the United States’s recorded music revenues. It was a phenomenal year that saw their revenues rise above $10 billion – and by a large margin – for the first time in over a decade.
At the beginning of the year predictions were abound that music revenues would fall considerably thanks to the global impact of Coronavirus. Whilst it has of course been devastating for many artists, particularly those who rely on gigging as a large part of their income, it’s reassuring to see that streaming and recorded growth is still climbing this year.