At the end of 2022, 589 million people worldwide were streaming music for a fee
Photo: Getty Images, Chesnot. All rights reserved.
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At this year’s presentation of theGlobal Music Report” in London has the “International Federation of the Phonographic Industry“, or IFPF for short, announced that the global music industry would post revenue of $26.2 billion in 2022. This means an increase of 9 percent compared to the previous year.
Paid streaming services are an important factor here. With 17.5 billion US dollars from user contributions and advertising-financed streaming alone, platforms such as Spotify and Co are responsible for 67 percent of sales and increased their already large share by more than 11 Percent. According to the report, 589 million people worldwide would have used a paid subscription in 2022. Physical sound carriers such as vinyl records were also able to increase their income by 4 percentage points.
“Our industry has also been growing internationally for several years, which shows how successful the strategic positioning of our members worldwide is. The partnership between artists and labels is a model for success, especially in the digital age with its many challenges and diverse channels! At the same time, the Global Music Report underscores the great importance of the respective local repertoire in the global market,” says the CEO of the Federal Association of the Music Industry eV, BVMI for short, Dr. Florian presses satisfied in a press release. The BVMI is part of the umbrella organization IFPF.
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