The growth rate of global recorded-music revenue slowed sharply in 2022, but still grew by 9%, according to a report by the International Federation of the Phonographic Industry (IFPI).
If 2021 growth was 18.5%, mainly due to an increase in streaming, as the world waited for the end of the pandemic at home, last year’s growth was due to an increase in global streaming , which showed total revenue for the year at the level of 26.2 billion US dollars.
Subscription audio streaming revenue grew 10.3% to $12.7 billion, with 589 million paid account users at the end of 2022, the report said.
According to the IFPI, which represents more than 8,000 recording companies worldwide, total streaming revenue grew 11.5% to $17.5 billion, or 67% of the total of worldwide income from the sale of music records.
Physical revenues increased 4%, largely due to continued growth in vinyl sales; performance rights revenues increased by 8.6% and returned to pre-pandemic levels; and sync income soared by 22.3%.
“This year’s report tells the continued story of record companies’ commitment to their core mission – working with artists to help them achieve their greatest creative and commercial potential over the course of a career,” said IFPI CEO Frances Moore. “However, as the opportunities for music continue to expand, so too do the areas in which record companies must work to ensure that the value of the music artists are creating is recognized and returned. This challenge is becoming increasingly complex as a greater number of actors seek to benefit from music whilst playing no part in investing in and developing it.”