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IFPI, the organisation that represents the recorded music industry worldwide, today issued its annual Global Music Report.
Frances Moore, chief executive of IFPI, said: “The Global Music Report we issued today covers results for 2019 and reflects the successful work and investment of music creators – from record companies to artists and beyond. Importantly, the strong foundation we built over the past several years helped deliver growth in 2019.
“While the numbers we are reporting are a snapshot of the business last year, the COVID-19 pandemic presents challenges unimaginable just months ago. In the face of a global tragedy, the music community has united behind efforts to support those affected. This is a critical and ongoing priority as our member record companies work to continue to support the careers of artists, musicians and employees around the world.”
For the full year 2019, total revenues for the global recorded music market grew by 8.2% to US$20.2 billion.
Streaming revenue grew by 22.9% to US$11.4 billion and for the first time accounted for more than half (56.1%) of global recorded music revenue. Growth in streaming more than offset a -5.3% decline in physical revenue, a slower rate than 2018.
This growth was driven by a 24.1% increase in paid subscription streaming with nearly all markets reporting growth in this area. There were 341 million users of paid streaming services at the end of 2019 (+33.5%), with paid streaming accounting for 42% of total recorded music revenue.
The work and investment from record companies continued to drive dynamic growth in diverse music markets in 2019; their global networks supporting artists and their music communities, enabling them to engage with and influence others in exciting ways around the world.
For the fifth consecutive year, Latin America was the fastest-growing region (+18.9%) with its three largest markets growing strongly: Brazil (+13.1%); Mexico (+17.1%); and Argentina (+40.9%).
Europe, the world’s second-largest region, grew 7.2% – after being almost flat in 2018 – with UK (+7.2%), Germany (+5.1%), Italy (+8.2%) and Spain (+16.3%) reporting strong growth.
Asia saw overall growth of 3.4%, a slower rate of growth than 2018, but this was largely due to Japan (-0.9%), which saw a decline in physical sales (-4.8%), its dominant format. Elsewhere in the region, South Korea, China and India all experienced strong growth, (8.2% 16.0% and 18.7% respectively).
Australasia grew by 7.1% with overall digital revenues rising 11.6% and physical format revenues falling 20.4%. Australia, a top 10 market, recorded growth of 6.0% with neighbouring New Zealand posting an increase of 13.7%.
US & Canada grew by 10.4%, remaining the largest region for recorded music revenues, accounting for 39.1% of the global market. The US grew by 10.5%, its fifth consecutive year of growth. Canada, which was largely flat the prior year, increased by 8.1%.