The International Federation of the Phonographic Industry recently released a report in which South Korea is ranked as the fastest-growing music industry all around the world in 2020. This can be determined by the incredible revenue of the recorded music in Korea that increased by 45 percent the previous year during the worldwide K-Pop boom.
As for the regions, South America was ranked as the fastest-growing market in terms of recorded music revenues as it was up by 15.9 percent in 2020. However, the list was topped by Brazil, the largest market in the region, which observed an amazing growth rate of 24.5 percent.
Asia followed Brazil in second place with an increase in revenue by 9.5 percent. Japanese music market, unfortunately, had contracted a bit last year and therefore has become a reason to hold the region back. Asian music, excluding Japan, saw a growth of an outstanding 29.9 percent in the previous year.
The music revenue around the globe is majorly driven by streaming as it accounts for more than 62 percent of the recorded music revenues in the world. on the other hand, the physical media made up around only 20 percent of the music revenues last year.
Infographic by: Statista.com