IFPI Report: Global Recorded Music Market Grew By 9.7% In 2018

The global recorded music market grew by 9.7% in 2018, marking the fourth consecutive year of growth, according to the newly-released report from IFPI. Figures released today in IFPI’s Global Music Report 2019 show total revenues for 2018 were US$19.1 billion.

Streaming revenue grew by 34%, and accounted for nearly half (47%) of global revenue, and was driven by a 32.9% increase in paid subscription streaming. 255 million users paid for streaming services at the end of 2018, with paid streaming accounting for 37% of total recorded music revenue. This growth offset the 10.1% decline in physical revenue and 21.2% decline in download revenue.

Performance rights revenue increased 9.8%, while synch revenue was up 5.2% in 2018.

For a fourth consecutive year, Latin America was the fastest-growing region at 16.8% growth, with Brazil at 15.4% growth and Mexico at 14.7% growth. 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%).

Frances Moore, chief executive of IFPI, said: “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. 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.”

The full report can be read at ifpi.org.