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LONDON (Reuters) – Switch on, listen and stay home. That’s what millions of music fans did in 2020, with an increase in subscription streaming driving global recorded music revenue growth of 7.4%.
The market reported total revenues of $ 21.6 billion, marking its sixth consecutive year of growth, the IFPI said in its Global Music Report on Tuesday.
The five best-selling artists of the year were K-pop stars BTS, singer Taylor Swift, rapper Drake, singer The Weeknd and teenage sensation Billie Eilish.
“As the world grapples with the COVID-19 pandemic, we remember the enduring power of music to comfort, heal and lift morale,” said IFPI Executive Director Frances Moore.
Total streaming, including paid subscriptions and ads, rose 19.9% to $ 13.4 billion, accounting for 62.1% of total global recorded music revenue, IFPI said.
Paid subscription streaming revenue grew 18.5% and there were 443 million paid subscription account users at the end of 2020, IFPI said.
The streaming numbers compared to a drop in physical format revenue, which fell 4.7%.
And with concerts and festivals canceled as countries stranded to stop the spread of the coronavirus, performing rights revenue fell 10.1%.
“With much of the world locked out and live music shutting down, in almost every corner of the globe, most fans have enjoyed streaming music,” Moore said.
IFPI said record companies have supported artists in creating music despite difficult circumstances.
Latin America remained the fastest growing region, with music revenues rising 15.9%, followed by Asia with growth of 9.5% and Africa and Middle -East with 8.4%.
The US and Canada region grew 7.4% in 2020, while Europe saw its revenue increase 3.5%.
In Britain, recorded music revenues reached their highest level since 2006, rising 3.8% to 1.118 billion pounds ($ 1.54 billion), said the British phonographic industry (BPI ).
Streaming revenue, up 15.4% to £ 736.5million, led the growth while physical revenue fell 2.6% to £ 210.3million, as online sales dampened l impact of lockdowns.
Online campaigns helped boost vinyl sales, which rose by almost a third to 86.5 million pounds in Britain, their highest total since 1989, the BPI said.
(1 USD = 0.7253 pounds)
Reporting by Marie-Louise Gumuchian; Edited by Alexander Smith
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