A year-end report from the International Federation of the Phonographic Industry revealed that global recorded-music revenue growth has slowed down dramatically in 2022 but still was up 9 percent.
While 2021 saw an 18.5 percent growth, largely due to an increase in streaming numbers as the world waited at home for the pandemic to lift, growth in global streaming numbers powered the past year’s lift, which showed total trade revenues for the year at $26.2 billion.
As per reports, subscription audio streaming revenues increased by 10.3 percent to $12.7 billion, and there were 589 million users of paid subscription accounts at the end of 2022, according to the report.
Read more: Here’s how you can find lyrics of any song on YouTube Music
Total streaming grew by 11.5 percent to reach $17.5 billion, or 67 percent of total global recorded music revenues, according to the IFPI, which represents more than 8,000 record company members worldwide.
Physical revenues were up 4 percent, largely thanks to the continued strength of vinyl sales; performance rights revenue increased by 8.6 percent and returned to pre-pandemic levels; and synch income soared by 22.3 percent.
Recorded-music revenues grew in every region around the world in 2022, according to the report’s breakouts below:
Asia grew by 15.4 percent with its largest market, after the US and Canada In a continuing trend, Asia also accounted for almost half of the global physical revenues (49.8 percent).
