Subscribed music growing during pandemic
Total revenues of subscribed streaming recorded music was USD 21.6 billion last year, a growth of 7.4%, according to recorded music industry organization IFPI´s Global Music Report. Revenues from performance rights dropped 10.1% as concert and other types of events were stopped because of the pandemic. Revenues for physical format recordings revenues fell by 4.7%.
The best-selling artists were K-pop stars BTS, Taylor Swift, Drake, The Weeknd and Billie Eilish.
Total streaming, including both paid subscription and advertising-supported, was up 19.9% to USD 13.4 billion and 62.1% of total global recorded music revenues.
Paid subscription streaming revenues rose by 18.5% with 443 million users of paid subscription accounts at the end of 2020.
Latin America remained the fastest-growing region, with recorded music revenues rising 15.9%, followed by Asia with 9.5% and Africa and the Middle East with 8.4%, US and Canada region 7.4% and Europe reporting revenues up 3.5%.
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