IFPI (International Federation of the Phonographic Industry), the organisation representing the recorded music industry worldwide, has revealed in its Global Music Report that the global recorded music market grew by 9% in 2022.
The growth was driven by a surge in paid subscription streaming, with total trade revenues reaching $26.2 billion. Subscription audio streaming revenues increased by 10.3% to $12.7 billion, with 589 million users of paid subscription accounts at the end of 2022.
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. Other areas also experienced growth, with physical revenues remaining resilient (+4.0%), performance rights revenue increasing by 8.6%, and synchronisation income climbing by 22.3%.
The report shows that recorded music revenues grew in every region around the world in 2022.
1. Asia grew by 15.4%, with China growing by more than 20%, becoming a global top five market for the first time.
2. Latin America saw gains of 25.9%, while the Middle East and North Africa had an increase of 23.8%, representing the highest share for streaming of any region globally (95.5%).
3. The fastest growing region was Sub-Saharan Africa, which saw growth of 34.7%, driven largely by a significant boost to revenues in South Africa.
4. The USA & Canada region, the world’s largest in revenue terms, grew by 5%, with the USA exceeding $10 billion for the first time.
In the Indian context, the Warner Music Group Chief, Simon Robson discussed how a WMG track called ‘Maan Meri Jaan’ by King became a top-30 hit on Spotify globally thanks to the high volume of streams from Indian listeners. “It feels like this is just the beginning, where we will see Indian music have a much bigger impact,” said Robson.
Devraj Sanyal, MD & CEO, India & South Asia, Universal Music Group, who represented the country on the panel launching the report, spoke about the growth of local pop, hip-hop, and indie music, as well as music created in big regional languages, despite the traditional dominance of film-music from Bollywood and other local movie industries.
Sanyal also highlighted the rise of new regions like the south of India, citing recent Oscar-winner ‘Naatu Naatu’. “The first few steps of an actual global crossover are now here,” said Sanyal. “It’s time now for our market to truly play its role in the global streamscape.”
Adam Granite later talked about India’s potential as the next genre to break out of its home region, alongside K-Pop, Afrobeats, and Reggaeton. “We’re working really hard to make Indian repertoire next,” he said. Local tracks going global seems to be a recurring theme, and with a wealth of diverse and exciting music coming out of India, it’s clear that there’s a lot of potential for this to continue.
IFPI Chief Executive, Frances Moore, commented on the report, stating that it tells the continued story of record companies’ commitment to their core mission of working with artists to help them achieve their greatest creative and commercial potential. She added that as the opportunities for music continue to expand, so too do the areas in which record companies must work to ensure that the value of the music artists are creating is recognised and returned.
The IFPI’s Global Music Report – State of the Industry is available here.