EFE.- The global music market grew at a record rate of 18.5% in 2021, driven by flow Or streaming online, with Latin America as “one of the regions with the most potential,” the International Federation of the Phonographic Industry (IFPI) said on Tuesday.
The IFPI, which brings together the major record companies, presented the World Music Report 2022 at the Soho Hotel in London, which collects the latest data on sales and consumption of recorded (non-live) music in the world.
After dedicating a few words of solidarity with Ukraine, CEO Francis Moore revealed that the sector’s revenue in 2021, at $25.9 billion, “is the largest ever,” with expansion in all regions and formats, minus digital downloads.
After the Middle East and North Africa, which grew by 35%, Latin America, led by Mexico and Brazil, was the region with the highest increase in profits, with 31.2% more, of which 85.9% was the result of inflow.
Flowing Latin America, in an expansive area
Globally, revenue comes from flow Through the paid subscription, a large percentage of 21.9%, reaching $ 12.3 billion, of which about 523 million users.
Total streaming volume (which includes both paid and ad-supported) increased 24.3% to $16.9 billion, representing 65% of the global music industry’s total revenue.
Apart from the unstoppable profits for flow, physical forms expanded 16.1% in 2021; Performance rights contributed 4% more, concurrency (the use of music in movies or advertising) rose 22%, while sales through digital downloads fell just 10.7%, the report notes.
By region, after the Middle East and North Africa (35%) and Latin America (31.2%), the United States and Canada (22%) led the growth. Asians (16.1%); Europe at 15.4% (paid by the UK, Germany and France); Sub-Saharan Africa (9.6%) and Australia (4.1%).
With a global market share of 3.9%, revenue increased in Latin America for the 12th year, primarily supported by Brazil, which increased by 32%, and Mexico by 27.7% more, the study revealed.
The largest markets are the United States, Japan, the United Kingdom, Germany, France, China, South Korea, Canada, Australia and Italy.
Artists and poster recording
The most popular musicians in 2021 are BTS, Taylor Swift, Adele, Drake, Ed Sheeran, The Weeknd, Billie Eilish, Justin Bieber, Seventeen and Olivia Rodrigo, according to IFPI.
30Adele’s album was the best-selling album across all formats, including vinyl, while The Weeknd’s “Save Your Tears” won 2.15 billion songs, followed by baby Laroi/Justin’s “Stay.” Bieber ($2.07 billion) and Dua Lipa “Levitating” ($1.88 billion).
With the rise of the internet, record companies had to reconsider their role to remain relevant, Moore admitted on the show.
“The current market is more competitive than ever,” he explained, as music can be heard “in many new and different ways” and “there are no barriers to entry, and anyone can record a song and stream it online.”
But while this creates “enormous opportunities for artists,” it also makes it difficult for artists to stand out, with more than 60,000 music tracks uploaded to digital platforms every day, the council said.
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“And that’s where the record companies come into play,” he said.
“When artists partner with a brand, they benefit from the support of highly responsive and skilled global teams of experts, who will be dedicated to helping them achieve creative and commercial success and build long-term careers,” he said at the event. London.
Moore noted that record companies should work to discover artists with local roots and continue to invest in technologies that allow “a better experience” for both artists and consumers.
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