Global recorded music market reaches US$25.9bn in total revenues in 2021

Article summary

The International Federation of the Phonographic Industry (IFPI) has published the Global Music Report 2022, which shows that in 2021, the recorded music market grew by 18.5% as a result of an increase in paid subscription streaming, and total revenues amounted to US$25.9bn. Paid subscription streaming revenues grew by 21.9% to US$12.3bn and total streaming, including both paid subscription and advertising-supported, reached US$16.9bn, an increase of 24.3%. Recorded music revenues from physical formats and performance rights also increased, by 16.1% and 4% respectively.