Streaming drives 2021 recorded music sales to record US$26b

[LONDON] Global recorded music revenues rose 18.5 per cent last year driven by an increase in listeners tuning into paid subscription streaming, marking the market's seventh consecutive year of growth to a record US$25.9 billion, according to a report released on Tuesday (Mar 22).

Meanwhile, a recovery in physical retail following Covid-19 lockdowns allowed physical music formats to enjoy growth for the first time in 20 years, IFPI, a trade body for the recorded music industry, said in its Global Music Report Paid subscription streaming revenues rose 21.9 per cent to US$12.3 billion, the IFPI said, adding there were 523 million users of paid subscription accounts at the end of the year. Overall streaming accounted for 65 per cent of total revenues.

Physical format revenues rose 16.1 per cent to US$5 billion.

"Around the world, record companies are engaging at a very local level to support music cultures and bring on the development of emerging music ecosystems - championing local music and creating the opportunities for it to reach a global audience," IFPI chief executive Frances Moore said.

"Consequently, today's music market is the most competitive in memory. Fans are enjoying more music than ever and in so many different and new ways." Total streaming, which includes advertising supported streaming, rose 24.3 per cent. Revenues from performance rights and synchronisation, the use of recorded music in adverts, film, television and games, also enjoyed growth.

The only channel to see a decline was downloads and other digital formats, with revenues down 10.7 per cent, as more people turned to access models of listening to music instead of ownership.

Recorded music revenues grew in every region, with the fastest rate of 35 per cent recorded in the Middle East and North Africa. It was followed by Latin America, with 31.2 per cent, US and Canada with 22 per cent and Asia with 16.1 per cent.

Revenues in Europe rose 15.4 per cent, sub-Saharan Africa saw an increase of 9.6 per cent and in Australasia the rate was 4.1 per cent.

British music star Adele's "30" was the biggest selling album of the year while Canadian singer The Weeknd's hit single "Save Your Tears" garnered 2.15 billion streams, the IFPI has previously said. REUTERS