Total revenue of music industry grew by 9% globally in 2022
Image Credit: IFPI
The 2023 IFPI Global Music Report shows growth over the past year was driven by streaming. So how much did the music industry make in 2022?
The IFPI’s Global Music Report looks at the state of the music industry over the previous year – a report with eye-opening stats on how much money record companies generate, growth, and the general health of the sector. The 2023 report shows that revenue of music industry in 2022 reached $26.2 billion, growing by 9% year on year.
This is a positive figure, being the eighth year of growth in a row for the music industry.
Of that rise in revenue streaming makes up 67%, with a 10.3% rise in subscriptions to music services – 589 million users in total.
Frances Moore, Chief Executive of the IFPI, said: “Record companies’ investment and innovation has helped make music even more globally interconnected than ever, building out local teams around the world, and working with artists from a growing variety of music scenes. This is driving music’s development whilst enabling fans to seize the expanding opportunities to embrace and celebrate their own local artists and culture.”
Looking at other avenues of revenue for artists, performance rights revenue went up by 8.6%, a return to pre-pandemic levels, whilst income from sync rose by 22.3%.
Best-performing artists who helped drive growth included overall top recording artist Taylor Swift, best-selling single artist Harry Styles with “As It Was,” and best-selling album artist Bad Bunny with Un Verano Sin Ti.
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