Global recorded music biz grew nearly 10% in 2018

LONDON — The global recorded music market grew 9.7% last year, with streaming now accounting for almost half of total revenue, according to industry trade body the International Federation of the Phonographic Industry (IFPI) on Tuesday.

It was the fourth consecutive year of growth, IFPI added in its annual Global Music Report 2019.

Streaming revenue grew 34% and accounted for 47% of global revenue, driven by a 32.9% increase in paid subscription streaming.

There were 255 million users of paid streaming services at the end of 2018, with paid streaming accounting for 37% of total recorded music revenue, the report said.

Growth in streaming more than offset a 10.1% decline in physical revenue and a 21.2% fall in download revenue.

Artists such as Drake, BTS, and Ed Sheeran were among those who have conquered the global market, contributing to the $19.1 billion of total revenues for 2018.

“Music has truly become global — in ways never before imagined,” said IFPI Chief Executive Frances Moore in a statement.

For the fourth consecutive year, Latin America was the fastest-growing region with Brazil and Mexico showing strongly.

The Asia and Australasia region was the second-largest region for combined physical and digital revenue said the IFPI report, with especially strong growth in South Korea. — Reuters