admin Los Angeles | IANS: According to IFPI (International Federation of the Phonographic Industry), the organisation that represents the recorded music industry worldwide, the worldwide recorded music market raised by 18.5 percent in last year, driven by growth in paid subscription streaming. Figures out Tuesday in IFPI’s Global Music Report demonstrated total revenues for year 2021 were $25.9 billion, reports ‘Variety’.
According to ‘Variety’, the report notes that paid subscription streaming revenues grown by 21.9 per cent to $12.3 bn, with 523 mn users of paid subscription accounts at the end of year 2021.
Opening a press conference in London to declare the report, IFPI CEO Frances Moore stated concern regarding events in Ukraine and the resulting humanitarian crisis, saying: “IFPI stands with our colleagues across the music community in our support for urgent humanitarian relief for refugees and our call for an end to the violence.”
Mentioning on the report, Moore said: “Around the world, record companies are engaging at a very local level, to support music cultures and bring on the development of emerging music ecosystems – championing local music and creating the opportunities for it to reach a global audience. As more markets mature, they join with and contribute to the rich, globally interconnected music world.”
Subsequently, today’s music industry is the most competitive. Followers are enjoying more music than ever before with latest apps. This creates enormous opportunities for artists. Those who elect to partner with top companies, getting speedily benefits and continual growth.
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