September 19, 2021

The Fourthny

Art is beauty

Music soothes pandemic blues as 2020 record sales hit high note

3 min read

Billie Eilish in Chanel all through the Oscars arrivals at the 92nd Academy Awards in Hollywood, Los Angeles, California, U.S., February 9, 2020. REUTERS/Mike Blake

March 24, 2021

By Marie-Louise Gumuchian

LONDON (Reuters) – Turn on, tune in and continue to be at household. That’s what tens of millions of new music supporters did in 2020, with a increase in subscription streaming major global recorded new music revenue progress of 7.4{8fbaae1bd749f41dfbc78ee17dd04a5d6ed95f74dc0ab42c17aab038a1ade32b}.

The current market noted complete revenues of $21.6 billion, marking its sixth consecutive yr of advancement, business trade system the IFPI claimed in its International Audio Report on Tuesday.

The year’s major 5 finest-advertising artists were being K-pop stars BTS, songstress Taylor Swift, rapper Drake, singer The Weeknd and teenager feeling Billie Eilish.

“As the planet contends with the COVID-19 pandemic, we are reminded of the enduring ability of audio to console, recover and raise our spirits,” IFPI Chief Executive Frances Moore claimed.

Whole streaming, together with both paid membership and advertising and marketing-supported, rose 19.9{8fbaae1bd749f41dfbc78ee17dd04a5d6ed95f74dc0ab42c17aab038a1ade32b} to $13.4 billion, accounting for 62.1{8fbaae1bd749f41dfbc78ee17dd04a5d6ed95f74dc0ab42c17aab038a1ade32b} of complete world wide recorded songs revenues, IFPI claimed.

Paid membership streaming revenues rose by 18.5{8fbaae1bd749f41dfbc78ee17dd04a5d6ed95f74dc0ab42c17aab038a1ade32b} and there were being 443 million users of paid subscription accounts at the close of 2020, the IFPI reported.

The streaming figures when compared to a decrease in actual physical format revenues, which fell by 4.7{8fbaae1bd749f41dfbc78ee17dd04a5d6ed95f74dc0ab42c17aab038a1ade32b}.

And with live shows and festivals cancelled as countries went into lockdown to stop the distribute of the coronavirus, revenues from performance rights dropped 10.1{8fbaae1bd749f41dfbc78ee17dd04a5d6ed95f74dc0ab42c17aab038a1ade32b}.

“With so substantially of the globe in lockdown and reside new music shut down, in practically each corner of the world most lovers relished tunes via streaming,” Moore stated.

The IFPI stated document businesses experienced supported artists in creating new music irrespective of the challenging conditions.

Latin America remained the fastest-expanding location, with recorded audio revenues climbing 15.9{8fbaae1bd749f41dfbc78ee17dd04a5d6ed95f74dc0ab42c17aab038a1ade32b}, adopted by Asia with growth of 9.5{8fbaae1bd749f41dfbc78ee17dd04a5d6ed95f74dc0ab42c17aab038a1ade32b} and Africa and the Center East with 8.4{8fbaae1bd749f41dfbc78ee17dd04a5d6ed95f74dc0ab42c17aab038a1ade32b}.

The U.S. and Canada region grew by 7.4{8fbaae1bd749f41dfbc78ee17dd04a5d6ed95f74dc0ab42c17aab038a1ade32b} in 2020, when Europe saw revenues increase by 3.5{8fbaae1bd749f41dfbc78ee17dd04a5d6ed95f74dc0ab42c17aab038a1ade32b}.

In Britain, recorded new music revenues rose to their greatest considering that 2006, up 3.8{8fbaae1bd749f41dfbc78ee17dd04a5d6ed95f74dc0ab42c17aab038a1ade32b} to 1.118 billion lbs . ($1.54 billion), the British Phonographic Market (BPI) claimed.

Streaming revenues, up 15.4{8fbaae1bd749f41dfbc78ee17dd04a5d6ed95f74dc0ab42c17aab038a1ade32b} to 736.5 million lbs, led the progress when actual physical revenues fell 2.6{8fbaae1bd749f41dfbc78ee17dd04a5d6ed95f74dc0ab42c17aab038a1ade32b} to 210.3 million kilos, with on line income cushioning the affect of lockdowns.

On the net strategies served travel vinyl income, which rose by practically a third to 86.5 million kilos in Britain, their greatest complete due to the fact 1989, the BPI reported.

($1 = .7253 lbs)

(Reporting by Marie-Louise Gumuchian Modifying by Alexander Smith)

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