Streaming boosts music recording revenue

Streaming boosts music recording revenue

Streaming platforms generate a lot of profits from the increase in subscriptions around the world. In 2022, much of this income was also due to the recording industry.

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The streaming platforms as Netflix, HBO either Disney+ they generate very high worldwide revenue, which is seeing growth thanks to increased subscriptions around the world. One of the points that contributed to boost sales were the musical recordingswhich in 2022 increased by 9% and generated more than US$26,200,000.

According to the trends International Federation of the Phonographic Industry (IFPI)an organization that groups and represents the recording industry, highlighted that China ranked for the first time among the top five world markets and posted a 22.3% increase in revenue from the use of music in ads, movies, TV and games.

Revenue from CDs, vinyl and other physical formats increased 4%, US$4,600,000a slower pace than the 16.1% growth of 2021, fueled by the post-pandemic recovery, according to the IFPI World Music Report.

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Subscription audio streaming revenue increased 10.3% to $12.7 million as, by the end of 2022, there were 589,000,000 users paid subscription accounts. Taken together, streaming accounted for the 67% of total revenue from recorded music. Total streaming, which includes both paid subscriptions and advertising, increased by 11.5%, US$17,500,000.

On the other hand, the income of the recorded music increased around the world, led by the sub saharan africa, which registered a growth rate of 34.7%; followed by Latin Americawith a rise of 25.9%; middle East and North of Africawith 23.8%; Asia, with 15.4%; and australasia, with 8.1%. Income in Europe increased by 7.5%, while in USA and Canada 5.0%.

A summer without you“, from the Puerto Rican singer and rapper Bad Bunnyled the World Albums Chart 2022 of the IFPI, while the British Harry Styles he won IFPI World Award to the Single of the Year 2022 for your success”As It Was“.

Source: Ambito

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