The global recorded music market grew by 18.5 percent during 2021, driven by an increase in paid subscription streaming, new research shows. 

Statistics were unveiled as part of the IFPI’s Global Music Report, an annual publication showing figures for the world’s music industry. 

According to the report, total revenues for 2021 reached $25.9 billion (£20 billion). Paid subscription streaming revenues increased by 21.9 percent to hit $12.3 billion (£9.5 billion) with 523 million users of paid subscription accounts by the end of 2021.

The IFPI emphasised how labels are now working hard to drive growth across the whole of the music industry ecosystem with local teams and expertise in different countries across the globe. 

Paul Kirkham, ICMP Chief Executive, said:

This fantastic report clearly demonstrates the scope of opportunities for emerging talent and how streaming has created a truly global platform for them to succeed."

"At ICMP, we’re delighted to play our part in supporting the next generation of top music talent to take advantage of this global stage at the highest level."

Further findings from the IFPI report shows how total streaming (including both paid subscription and advertising-supported) grew by 24.3 percent to reach $16.9 billion (£12.9 billion). 

This accounted for 65 percent of total global recorded music revenues.  

Download the free Global Music Report 2022 report.

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