Chinese growth boosts global music market

Featured image credit: Tony Pham on Unsplash

Huge growth in China and across Asia helped the global recorded music market to grow by 9.0% in 2022, according to IFPI, the organisation that represents the recorded music industry worldwide.

Figures released in IFPI’s Global Music Report show total trade revenues for 2022 were $26.2bn.

Subscription audio streaming revenues increased by 10.3% to $12.7bn and there were 589 million users of paid subscription accounts at the end of 2022. Total streaming grew by 11.5% to reach $17.5bn, or 67.0% of total global recorded music revenues.

There was growth in other areas too with physical revenues remaining resilient, up 4.0%, with performance rights revenue increasing by 8.6% and returning to pre-pandemic levels, and synchronisation income climbing by 22.3%.

Commenting on the release of the Global Music Report, IFPI chief executive Frances Moore, said: “This year’s report tells the continued story of record companies’ commitment to their core mission – working with artists to help them achieve their greatest creative and commercial potential over the course of a career. That requires an artist-label partnership that constantly evolves and innovates so that it can capitalise on opportunities in more business areas and more parts of the world.”

Asia grew by 15.4% with its largest market, Japan, seeing growth of 5.4% whilst the second largest market, China, grew by 28.4%, becoming a global top five market for the first time. In a continuing trend, Asia also accounted for almost half of global physical revenues at 49.8%.

Revenues in Europe, the second-largest recorded music region in the world, grew by 7.5%, with the region’s three biggest markets all posting gains: UK (+5.4%), Germany (+2.2%) and France (+7.7%).

The USA & Canada region – the world’s largest in revenue terms – grew by 5.0% in 2022. The world’s single biggest market, the USA, grew by 4.8% a – exceeding $10bn for the first time – and Canadian recorded music revenues increased by 8.1%.

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