Global music market grew by 18.5% in 2021, driven by paid subscription streaming
The self-congratulatory nature of the article and quotes actually betray a self-reassurance, because in reality, record labels are rapidly becoming irrelevant. They're scrambling to figure out how they fit into the TikTok era, where artists no longer require years of financial incubation to succeed. The music industry is growing because independent musicians are finally figuring out how to navigate it without any need for those traditional industry services. They deserve the credit for (most of) this, because they are working their asses off (including bringing new streaming users to the fold) and getting no recognition whatsoever from industry reporting.Sometime in the next year or two, we will see the first truly independent music superstars achieve household-name status. Once that veil is broken, then the jig is up and labels are going to be panicking -- if they're not already.