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Indian recorded music industry sees exceptional growth in 2018- Global Music Report

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According to the Global Music Report 2019 published by IFPI, the Indian recorded music industry brought in INR 1068 crores with revenue growth (year-on-year) above 24.5%.

The report pointed out that streaming cashed in +31%, synch revenues added +24.6% and physical revenues accounted for +21.2% of the total revenue.

On the other hand according to the Global Music Report 2019, the global recorded music market grew by 9.7% in 2018, the fourth consecutive year of growth, according to IFPI, the organisation that represents the recorded music industry worldwide. Figures released in the IFPI report show total revenues for 2018 were US$19.1 billion.

“Last year represented the fourth consecutive year of growth, driven by great music from incredible artists in partnership with talented, passionate people in record companies around the world. Record companies continue their investment in artists, people and innovation both in established markets and developing regions that are increasingly benefitting from being part of today’s global music landscape,” said Frances Moore, chief executive of IFPI.

As per the Global Market Report, streaming revenue grew by 34.0% and accounted for almost half (47%) of global revenue, driven by a 32.9% increase in paid subscription streaming. There were 255 million users of paid streaming services at the end of 2018, with paid streaming accounting for 37% of total recorded music revenue. Growth in streaming more than offset a 10.1% decline in physical revenue and a 21.2% decline in download revenue.

Growth across all markets- The Global Music Report 2019

Across all markets, performance rights revenue grew by just under 10 percent to $2.7 billion, representing 14 percent of the total market. The global sync market also grew, climbing just over 5 percent and maintaining its 2.3 percent share of all recorded-music revenues.

In terms of the world’s biggest music markets, the U.S. retains its long-held position at number one, followed by Japan. The U.K moves into third place, overtaking Germany. France remains fifth and South Korea is sixth. Having broken into IFPI’s top ten global rankings for the first time last year, China is now the seventh largest market internationally with around 33 million subscribers to streaming services. The rest of the top ten is made up of Australia, Canada, and Brazil.

 

Record company-driven investment, innovation, and partnerships are supporting artists to connect with fans around the world whilst also yielding dynamic growth in high-potential markets. For the fourth consecutive year, Latin America was the fastest-growing region (+16.8%) with Brazil (+15.4%) and Mexico (+14.7%) growing strongly. The Asia and Australasia region (+11.7%) grew to become the second-largest region for combined physical and digital revenue, with especially strong growth in South Korea (+17.9%).

“As music markets continue to develop and evolve, it is imperative that the appropriate legal and business infrastructure is in place to ensure that music is fairly valued, and that the revenues are returned to rights holders to support the next cycle of development. We continue to work for the respect and recognition of music copyright around the world, and for the resolution of the value gap by establishing a level playing field for negotiating a fair deal for those who create music. Above all, we are working to ensure that music continues its exciting, global journey,” Moore added.

Record companies are both the spark and the engine, igniting and driving music, working to discover and develop artists around the world. They help connect artists to fans everywhere in unprecedented ways.

A dominant feature of the return to growth in recent years has been the expanded levels of investment record companies are making. These investments are made towards their offerings to artists, in their people, and in their global presence. Record companies are investing more than one-third of their global revenues, or US$5.8 billion, in Artists & Repertoire (or A&R) and marketing each year, to break, develop and support artists.

 

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