IFPI – Global Music Report 2023
All Image Credit: IFPI
The International Federation of the Phonographic Industry (IFPI), a national network that represents the business interests of approximately 8000 members across the globe, have just released their 2023 Global Music Report for the state of the music industry during 2022. Not only does the report include the industries financial and market share analysis for 2022 but also includes many tidbits regarding various facets of the industry such as; label and artist relationships, case studies, artist opportunities and issues driving global growth etc.
According to the IFPI the global recorded music market grew by 9% in 2022 rising to an amazing $26.2 Billion. According to the report, financial growth occurred in all areas except downloads;
- Physical Media: grew $0.2 billion (+4.4%) with a 17.5% share of the market
- Total Streaming: grew $1.8 billion (+11.5%) with a 67% share of the market
- Downloads and Other Digital: shrank $0.2 billion (-11%) with a 3.6% share of the market
- Performance Rights: grew $0.2 billion (+8.6%) with a 9.4% share of the market
- Synchronization: grew $0.1 billion (+20%) with a 2.4% share if the market
While streaming still continues to see solid growth and dominates the music revenues at $17.5 billion, it is interesting to note that CD sales in 2022 saw a small decline of -0.4% while vinyl continued its 10 year upward trajectory with a growth of +17.1% for 2022.
As for revenue by region, growth occurred in all regions across the globe with IFPI providing the following figures:
- Sub-Saharan Africa: +34.7%
- Latin America: +25.9%
- Middle East & North Africa: +23.8%
- Asia: +15.4%
- Australasia: +8.1%
- Europe: +7.5%
- USA & Canada: +5%
Overall the USA remained the single biggest national market in the world, growing by 4.8% and exceeding $10 billion in sales for the first time, with USA & Canada representing 41.6% of the global market.
For more about The International Federation of the Phonographic Industry check out their web site.
Download and read the 2023 report here.
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