An industry organization said on Tuesday that the global recorded music business grew by 7.4% last year because streaming continued to promote a rapid recovery from the downturn in the piracy era.
According to the annual report of the International Federation of the Phonographic Industry (IFPI), the return rate of vinyl continues to grow, an increase of 23.5% compared to the previous year, while the CD continues to decline steadily, down 11.9%.
But streaming media (increased by 19.9%) has promoted the industry’s return to growth in the past decade, and the current total revenue has reached 21.6 billion US dollars (approximately 1,567,700 crore), which is close to the level of the beginning of this century. The Internet has begun to destroy revenue.
According to the report, streaming media platforms led by Spotify, Apple and Deezer currently account for 62.1% of global music revenue, with approximately 443 million paying users.
The Korean phenomenon BTS topped the total sales list, followed by Taylor Swift, Drake, The Weeknd and Billie Eilish.
Two songs broke the 2 billion song mark: Weeknd’s “Blinding Lights” (2.72 billion) and Tones and I’s “Dance Monkey” (2.34 billion), while BTS used “Map of the Soul: 7 inches.”
IFPI stated that despite the restrictions on travel related to the pandemic, the growth of global connections is a major trend.
Simon Robson of Warner Music said in the report: “Of course, K-Pop continues to make great progress, but I think the most exciting development this year is how fans all over the world embrace African music and African artists.
For the first time, the African region grew at a rate of 8.4%, including artists such as Nigeria’s Burna Boy, who won the Grammy Award for Best Global Music Album this month.
Dennis Cook of Sony Music said at a press conference: “It is exciting that now we see artists from anywhere in the world have the ability to enter any other market in the world.”
“There are no barriers to entering the market, and there are no barriers to consumers who want to interact with artists. Now, this kind of creativity is as exciting as I have seen.”
Despite the good news, there are more and more protests about the streaming economy. Many artists say that it is only beneficial to the biggest celebrities and has no effect on medium-sized and niche musicians.
IFPI chief executive Frances Moore dismissed claims that there are problems in the industry.
She told reporters: “The research we have done shows that the income of artists is higher than the income returned to the industry after deducting costs and other factors. Therefore, from this perspective, people mistakenly believe that artists are performing poorly.”
She said that this misunderstanding is probably due to the level of competition in the world today. There are 7 million artists on Spotify and 60,000 tracks are uploaded every day.
“The role of the record company…is about to become the artist’s partner,” added Konrad von Lohneysen of the German Record Company Music Embassy.
“We are very confident that our roles will remain the same, and artists will be aware of the brands they own…let them do what they want-make art.”
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