Worldwide music industry revenue grew 18.5 percent, driven primarily by listeners from streaming platforms.
Just a few days ago, the increase in CD sales in the United States was reported, an increase not seen in 10 years. This was reported by the Recording Industry Association of America (RIAA)which mentions that shipments increased from 31.6 million in 2020 to 46.6 million in 2021, and the format’s revenue increased from $483.2 million to $584.2 million.
In this sense, according to what Axios, the fact that CD sales have increased at a time when streaming reigns supremespeaks, among other things, of a physical music revival.
Now, for the seventh year in a row, music industry revenue has hit a record $25.9 billion, according to a report released Tuesday.
After the arrival of the pandemic and the confinement that was experienced during almost all of 2020, streaming platforms such as Spotify, Apple Music, YouTube Music, among others, also registered an increase in both revenue and number of listeners.
According to data from the International Federation of the Phonographic Industry (IFPI), the income of streaming platforms registered an increase of 21.9 percent, which in monetary figures means 12 thousand 300 million dollars.
Similarly, the IFPI stated that by the end of 2021, there were already more than 523 million users of paid subscription accounts. Global streaming accounted for 65% of total revenue.
“Around the world, record companies are making local commitments to support music cultures and foster the development of emerging music ecosystems, championing local music and creating the opportunities for it to reach a global audience,” reported Frances Moore, executive director of the IFPI.
We live in an era in which streaming is the dominant platform for the music industry, which is why, more and more, artists focus their launch strategies on these spaces, despite the fact that in terms of income it does not represent a great benefit.