The Latest Recording Industry Statistics Explained
The Global recorded music market grew by 7.4% in 2020, its sixth consecutive year of growth.
The statistic indicates that the total revenue generated by the global recorded music market increased by 7.4% in the year 2020. This growth represents the sixth consecutive year of expansion for the industry. Despite the challenges posed by the COVID-19 pandemic, the recorded music market continued to thrive, demonstrating resilience and adaptability. This growth could be attributed to various factors such as the increasing popularity of streaming services, the release of highly anticipated music albums, and the innovation of new revenue streams within the industry. Overall, the statistic suggests a positive trend for the global recorded music market, highlighting its ability to sustain growth even in the face of external disruptions.
There were 443 million users of subscription streaming services at the end of 2020.
The statistic stating that there were 443 million users of subscription streaming services at the end of 2020 indicates the significant and widespread adoption of paid streaming platforms for entertainment and media consumption. This data point showcases the growing popularity of services like Netflix, Amazon Prime Video, Disney+, and others, as consumers increasingly shift towards digital streaming options over traditional cable and satellite TV. The sheer magnitude of 443 million users globally underscores the transformative impact of streaming technology on the media industry, highlighting the shift towards on-demand, personalized viewing experiences in today’s digital age.
The recorded music business generated $21.5 billion in 2020, up from $19.1 billion in 2018.
The statistic indicates that the recorded music industry experienced growth between 2018 and 2020, with total revenue increasing from $19.1 billion to $21.5 billion. This growth suggests a positive trend in the industry’s performance, potentially driven by factors such as increased consumption of music through digital streaming platforms, licensing deals, live performances, and merchandise sales. The rise in revenue reflects a thriving music market and highlights the industry’s ability to adapt to changing consumer preferences and technological advancements. Overall, the $2.4 billion increase demonstrates the resilience and financial viability of the recorded music sector during the two-year period.
Physical format sales decreased by 4.7% in 2020.
The statistic ‘Physical format sales decreased by 4.7% in 2020’ indicates that the total sales of physical products, such as CDs, DVDs, and books, declined by 4.7% compared to the previous year. This implies that there was a reduction in the amount of revenue generated from physical format sales in 2020. The decrease could be attributed to various factors including changing consumer preferences towards digital formats, the impact of the COVID-19 pandemic on retail operations, and the overall shift in the market towards online and streaming services. This statistic provides valuable insight into the trend of declining physical sales and highlights the need for businesses in the physical format industry to adapt and innovate in order to remain competitive in the evolving market landscape.
Digital revenues accounted for 62.1% of total revenues in 2020.
This statistic indicates that in 2020, approximately 62.1% of the total revenues generated by a company or industry came from digital sources. This suggests a significant reliance on digital platforms, products, or services for revenue generation. The increasing shift towards digital channels over traditional avenues such as brick-and-mortar stores or other non-digital mediums may reflect changing consumer behaviors and industry trends. Companies that focus on digital transformation and innovation are likely to benefit from this changing landscape, while those that do not adapt may face challenges in remaining competitive in the marketplace.
China has become the sixth biggest music market in the world in terms of total revenue.
This statistic indicates that China has experienced significant growth in its music industry, leading to it becoming the sixth largest music market globally in terms of total revenue generated. The rise of streaming platforms and digital music consumption in China has played a major role in this growth, alongside increased interest in international music and rising domestic artist popularity. This achievement highlights the increasing importance of the Chinese market in the global music industry and suggests potential opportunities for further expansion and development in the future.
Streaming revenues grew by 19.9% to $13.4 billion in 2020, accounting for 62.1% of total global recorded music revenue.
The statistic indicates that streaming revenues in the music industry experienced significant growth in 2020, increasing by 19.9% to reach $13.4 billion. This substantial growth implies a shift in consumer behavior towards digital music streaming platforms. Furthermore, the data shows that streaming revenue now accounts for the majority share (62.1%) of total global recorded music revenue, reflecting the industry’s increasing reliance on streaming as a primary source of income. This trend highlights the ongoing transformation of the music industry towards digital formats and online streaming services.
The Recording Industry Association of America (RIAA) reported that the music industry brought in an estimated $11.1 billion in 2019.
The statistic provided by the Recording Industry Association of America (RIAA) indicates that the music industry generated approximately $11.1 billion in revenue during the year 2019. This figure represents the total income generated by the music industry through sales of music recordings, streaming services, licensing agreements, and other sources. The revenue generated by the music industry is a key indicator of its economic impact and overall health. The reported revenue reflects the continued importance of the music industry within the broader entertainment sector and highlights the significance of music as a cultural and commercial product in modern society.
Vinyl album revenues of $619.6 million surpassed CDs for the first time since 1986.
The statistic indicates that in the specified time period, vinyl album revenues reached a total of $619.6 million, exceeding the revenues generated by CD sales. This marks the first time since 1986 that vinyl album revenues have outpaced CDs, reflecting a shift in consumer preferences within the music industry. The resurgence of vinyl records in recent years can be attributed to factors such as nostalgia, collector appeal, and the physicality of owning music in a digital age. This reversal highlights a notable trend in the market that may have implications for the future of music consumption and sales strategies within the industry.
The U.S. is the largest music market worldwide, accounting for over one-third of the total global music industry market.
The statistic indicates that the United States has the largest share of the global music industry market, representing more than one-third of total sales worldwide. This means that a significant portion of music consumption and revenue is generated within the U.S., making it a key player in the music industry on a global scale. The dominance of the U.S. market suggests a strong demand for music within the country, as well as the presence of a robust music industry infrastructure that supports the creation, distribution, and consumption of music. This statistic highlights the economic importance of the music industry within the U.S. and underscores the country’s significant influence on the global music market.
Approximately 75% of the recorded music revenue in the U.S. comes from digital music platforms.
The statistic that approximately 75% of the recorded music revenue in the U.S. comes from digital music platforms highlights the significant shift in consumer behavior towards consuming music through online platforms. This implies that the majority of revenue generated by the music industry is now derived from sales and streams via digital services such as streaming platforms, online downloads, and digital music stores, rather than traditional physical music sales like CDs and vinyl records. The increasing prevalence of digital music consumption can be attributed to the convenience and accessibility of these platforms, enabling consumers to easily access and enjoy a vast library of music from any location. This statistic underscores the growing importance of digital music platforms in shaping the future landscape of the music industry and serves as a key indicator of changing trends in how people engage with music content.
Latin music’s global share of industry revenues reached 3.5% in 2020.
The statistic that Latin music’s global share of industry revenues reached 3.5% in 2020 indicates the proportion of total music industry revenues generated by Latin music out of the entire global music market. This means that for every $100 earned in the music industry, $3.50 was attributed to Latin music in 2020. The 3.5% share suggests that Latin music is a significant player in the global music market, representing a sizeable portion of the industry’s revenue. The increase in Latin music’s share of industry revenues may be indicative of its growing popularity and market presence on a global scale, showcasing the appeal and influence of Latin music across borders and audiences.
More than 40% of all music industry revenues worldwide are generated in North America.
The statistic states that over 40% of global music industry revenues come from North America, implying that this region significantly contributes to the overall financial success of the music industry worldwide. This high percentage signifies the economic dominance of North America in the music sector, with a substantial portion of revenues being driven by sales, streaming, concerts, merchandise, and other revenue streams within the industry. The statistic suggests that North America is a key market for music consumption and revenue generation, making it a focal point for music industry professionals, artists, and companies looking to capitalize on the region’s significant economic impact on the music business globally.
Music album sales in the United States have dropped by 93.6% since peaking in 2000.
The statistic indicates that the total sales of music albums in the United States have drastically decreased by 93.6% since reaching their highest point in 2000. This substantial drop suggests a significant decline in consumer demand for physical music albums over the years, which can likely be attributed to the rise of digital streaming platforms, piracy, and changes in consumer preferences towards other forms of media consumption. The music industry has undergone a major shift in the past two decades, and this staggering decrease in album sales highlights the challenges and transformations the industry has faced in the digital age.
45% of recorded music revenues in France are from physical sales.
The statistic “45% of recorded music revenues in France are from physical sales” indicates that nearly half of the income generated by the music industry in France comes from the sale of physical formats such as CDs and vinyl records. This suggests that despite the growing dominance of digital streaming services and online purchases, there remains a significant market for traditional physical music products in the country. This statistic highlights the continued popularity and importance of physical music sales in France’s music industry, which may be influenced by factors such as consumer preferences, collector culture, and nostalgia for tangible music formats.
There has been a 176% growth in paid audio streaming subscribers globally in the period 2016 – 2020.
The statistic indicates that the number of paid audio streaming subscribers worldwide has increased by 176% between 2016 and 2020. This substantial growth suggests a significant shift in consumer behavior towards paid audio streaming services during this period. Factors contributing to this growth may include increased internet access, improved streaming technology, the convenience of accessing a wide variety of music and audio content on demand, as well as the popularity of subscription-based services over traditional music purchasing methods. This trend highlights the evolving landscape of the music industry and the increasing preference for digital streaming services among consumers globally.
African physical and digital music revenue has grown an average of 9.8% annually between 2014 and 2018.
The statistic indicates that the revenue generated from both physical and digital music in Africa experienced steady growth over the five-year period from 2014 to 2018, with an average annual growth rate of 9.8%. This growth suggests a positive trend in the music industry in Africa, potentially driven by factors such as increasing access to digital music platforms, advancements in technology, and a growing consumer base. The consistent growth rate indicates that the music industry in Africa is on a positive trajectory, with potential opportunities for further expansion and development in the future.
In 2018, major recording studios held 69% of the US music recording market.
The statistic indicates that in 2018, major recording studios collectively dominated a significant portion of the music recording market in the United States, accounting for 69% of the total market share. This suggests that the majority of music recording activities in the US music industry were conducted by these established and prominent studios during that time period. The high percentage reflects the strong influence and market presence of major recording studios within the industry, potentially indicating their access to resources, technology, talent, and distribution channels that contribute to their leading position in the market. This statistic highlights the competitive landscape of the music recording industry and underscores the importance of major studios in shaping the market dynamics in 2018.
94% of U.S adults listen to music, spending an average of 4 hours per day tuned into their favorite tunes.
The statistic suggests that a significant majority of U.S. adults, amounting to 94%, engage in listening to music as a regular activity. This indicates that music is a widely enjoyed form of entertainment and leisure among the adult population in the U.S. Furthermore, the average of 4 hours per day spent listening to music signifies a substantial amount of time dedicated to this activity, implying that music plays a significant role in the daily lives of many individuals. This statistic highlights the pervasive influence of music in American society and underscores its importance as a cultural phenomenon that resonates with a large segment of the population.
Recorded music revenues in South Korea grew by 44.8% in 2020, reaching $589.9m.
The statistic indicates that the total revenue generated from recorded music sales in South Korea experienced a notable increase of 44.8% in the year 2020, reaching a total of $589.9 million. This growth signifies a significant positive development in the South Korean music industry, reflecting a strong demand for recorded music within the country. The increase in revenue could be attributed to various factors such as the popularity of South Korean music globally, the rise of digital streaming platforms, and perhaps even the impact of the COVID-19 pandemic, which may have led to increased at-home music consumption. Overall, this statistic suggests a thriving music market in South Korea and presents opportunities for further growth and development within the industry.
References
0. – https://www.www.musicbusinessworldwide.com
1. – https://www.www.ifpi.org
2. – https://www.www.ibisworld.com
3. – https://www.www.investopedia.com
4. – https://www.www.statista.com
5. – https://www.variety.com
6. – https://www.www.nielsen.com
7. – https://www.www.riaa.com
8. – https://www.www.pwc.co.za
