Global Music Revenue Growth Slowed in 2022, But Still Rose 9% to $26.2 Billion
variety.comJem Aswad Senior Music Editor Global recorded-music revenue growth slowed down dramatically in 2022 but still was up 9% according to the year-end report from the International Federation of the Phonographic Industry’s released Tuesday.
While 2021 saw an 18.5% growth, largely due to an increase in streaming numbers as the world waited at home for the pandemic to lift, a growth in global streaming numbers powered the past year’s lift, which showed total trade revenues for year at $26.2 billion.
Subscription audio streaming revenues increased by 10.3% to $12.7 billion, and there were 589 million users of paid subscription accounts at the end of 2022, according to the report.
Total streaming (including both paid subscription and advertising-supported) grew by 11.5% to reach $17.5 billion, or 67% of total global recorded music revenues, according to the IFPI, which represents more than 8,000 record company members worldwide.
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