{"id":95404,"date":"2023-03-27T17:00:00","date_gmt":"2023-03-27T16:00:00","guid":{"rendered":"https:\/\/routenote.com\/blog\/?p=95404"},"modified":"2023-03-27T16:46:34","modified_gmt":"2023-03-27T15:46:34","slug":"total-revenue-of-music-industry-grew-by-9-globally-in-2022","status":"publish","type":"post","link":"https:\/\/routenote.com\/blog\/total-revenue-of-music-industry-grew-by-9-globally-in-2022\/","title":{"rendered":"Total revenue of music industry grew by 9% globally in 2022"},"content":{"rendered":"\n

Image Credit: IFPI<\/a><\/em><\/p>\n\n\n\n

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?<\/span><\/h2>\n\n\n\n

The IFPI\u2019s Global Music Report looks at the state of the music industry over the previous year \u2013 a report with eye-opening stats on how much money record companies<\/a> generate, growth, and the general health of the sector. The 2023 report shows that revenue of music industry in 2022 reached $26.2 billion<\/strong>, growing by 9%<\/strong> year on year.<\/p>\n\n\n\n

This is a positive figure, being the eighth year of growth in a row for the music industry. <\/p>\n\n\n\n

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Of that rise in revenue streaming makes up 67%<\/strong>, with a 10.3%<\/strong> rise in subscriptions to music services \u2013 589 million<\/strong> users in total.<\/p>\n\n\n\n

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Frances Moore, Chief Executive of the IFPI, said: \u201cRecord companies\u2019 investment and innovation has helped make music even more globally <\/a>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\u2019s development whilst enabling fans to seize the expanding opportunities to embrace and celebrate their own local artists and culture.\u201d<\/p>\n\n\n\n

Looking at other avenues of revenue for artists, performance rights revenue went up by 8.6%<\/strong>, a return to pre-pandemic levels, whilst income from sync <\/a>rose by 22.3%<\/strong>.<\/p>\n\n\n\n

Best-performing artists who helped drive growth included overall top recording artist Taylor Swift, best-selling single artist Harry Styles with \u201cAs It Was,\u201d <\/a>and best-selling album artist Bad Bunny with Un Verano Sin Ti<\/a><\/em>.<\/p>\n\n\n\n

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The IFPI reveals the biggest music artists in the world<\/a><\/blockquote>