The IFPI’s Global Music Report 2021 reveals that the global recorded music market grew by an impressive 7.4% in 2020.

Total revenues for the music market hit US$21.6 billion in 2020, according to figures released this week, marking a sixth consecutive year of growth.

The growth was driven by streaming, which is perhaps unsurprising as much of the world was in lockdown for large portions of 2020, with most live music events unable to go ahead.

Likely boosted by the pandemic, paid subscription streaming revenues increased by 18.5%. The report also reveals that there were 443 million users of paid subscription accounts at the end of 2020.

Overall, subscription-led and ad-supported streaming combined grew by 19.9% to $13.4 billion, making up 62.1% of total global recorded music revenues.

Unsurprisingly, revenue from physical formats declined by 4.7% while performance rights revenue was down by 10.1%.

Latin America still tops the list as the fastest-growing region with growth of 15.9% while the US market grew by 7.3% and Europe by 3.5%. 

“Fuelled by record companies’ ongoing investment in artists and their careers, along with innovative efforts to help artists bring music to fans in new ways, recorded music revenues grew globally for the sixth consecutive year, driven by subscription streaming,” said IFPI Chief Executive Frances Moore.

“As record companies continue to expand their geographical footprint and cultural reach, music has become more globally connected today, than ever before and this growth has spread across all regions around the globe.

“With many impacted by the pandemic, and concerned with growing social injustices, record companies have worked hard to make a meaningful, lasting contribution to the world we want to live in.”