Global music industry revenues have grown by 9 percent in 2022, all credit goes to the continuing growth in streaming subscriptions. According to the IFPI’s latest Global Music Report, 2022 marked the eighth consecutive year of growth for the music industry that had previously struggled with declining revenues for 15 years.
Streaming accounted for 67 percent of global recorded music revenues last year, as the number of users of paid streaming subscriptions offered by Spotify and other platforms continued to ascend, although growth rates were not as high as they were in the previous years. In 2022, 66 million people jumped on the streaming trend, which brought the total of global subscription users to 589 million by the end of 2022.
As the infographic here shows that the streaming subscriptions have grown persistently over the past decade. Starting out at 8 million in 2010, the number of users of paid music subscriptions crossed 100 million in 2016 only to grow almost five-fold again over the next five years.
All statements in this article attributable to IFPI represent Statista’s interpretation of data, research opinion or viewpoints published as part of the IFPI Global Music Report in March 2023, and have not been reviewed by IFPI. Each IFPI publication speaks as of its original publication date (and not as of the date of this article’s publication).
Infographic by: statista