according to the trade body IFPI.In addition, sales of physical formats rose by 4%, generating $4.6bn (£3.7bn) in revenues. Almost half of that figure (49.8%) came from Asia, where buying CDs and vinyl as souvenirs is a staple of the “idol” culture of Japan and South Korea.Performance royalties also rose by 8.6% to $2.5bn (£2.04bn), surpassing pre-pandemic levels.However, record labels are pushing for prices to rise to increase the industry’s income from streaming services.
