With the devastating impact of the coronavirus pandemic on the global economy, any look back at 2019 financial performance feels like an exercise in nostalgia, but the data released by the International Federation of the Phonographic Industry on Monday shows that the streaming boom’s impact on recorded-music revenues was already starting to level off.
For 2019, total revenues for the global recorded-music business grew by 8.2% to $20.2 billion, with streaming revenue growing 22.9% to $11.4 billion — accounting for more than half of total revenue for the first time, at 56%. Physical sales continued their long decline, but at a slower rate — 5.3% — than in 2018.
The growth was powered by a 24.1% increase in paid subscription streaming with nearly all markets reporting growth. There were 341 million users of paid streaming services at the end of 2019 — up 33.5% — with paid streaming accounting for 42% of total recorded music revenue.
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Source: Variety
