Music is a universal language that binds us all together. The value it brings to people is priceless. However, you can also earn good money with it. Recorded music has a huge economic worth as it’s creating jobs, investment, growth and brings lots of cultural value to society and each one’s live.
In 2021 the music industry generated around 1.4 billion euros just through audio streaming. But the music industry plays also a big part in the cultural and creative Industries and generated 2020 more than 160 billion euros in Germany. This makes it to one of the most powerful economic sectors.
The IFPI is a non-profit organization that represents the recording industry. With a total of 8,000 members, a national group network and a total of 70 countries in which the employees operate, IFPI describes itself as “The Voice of the Record Industry Worldwide“.
IFPI releases annual reports that provide an overview of the global music industry, including data on music sales and consumption, as well as trends and challenges which the music industry faces. These reports are based on a combination of data from various sources, including music sales figures, streaming data, and surveys of industry professionals. They cover a range of topics, such as the top-selling artists and albums of the year, the most popular music genres, and the impact of new technologies on the music industry.
According to the IFPI report on global music consumption, the market of the global recorded music grew by 9.0 % in 2022. The total trade revenues were US$26.2 billion.
Audio streaming revenues increases by 10.3 % which are US$12.7 billion in total and in the end of 2022 there were 589 million users of paid subscription accounts. Furthermore, the total streaming (generated by paid subscription and advertising-supported streaming services) increased by 11.5%, reaching a total of US$17.5 billion, which accounts for 67.0% of the total global revenue from recorded music.
In addition, there was growth in other sectors as well: physical revenues demonstrated resilience by increasing by 4.0%, performance rights revenue experienced an 8.6% increase and returned to pre-pandemic levels, and synchronization income rose by 22.3%.
However, in order to survive successfully in the music industry in the long term and to unleash the full power of music on all levels, we have to work together! Music creators and music companies should form a fair and respectful team on both sides: The artist with his/her voice and/or instrumental skills and the label with all its business organization around it.