The global recorded music market grew by 18.5 per cent last year, fuelled by streaming giants and a physical record revivals.
According to data from IFPI, the organisation that represents the recorded music industry worldwide, total revenues for 2021 hit $25.9bn (£19.5bn).
Paid subscription streaming revenues increased by 21.9 per cent $12.3bn (£9.3bn), with 523 million users of paid subscription accounts at the end of 2021.
Total streaming (including both paid subscription and advertising-supported) grew by 24.3 per cent to reach $16.9bn (£12.8bn), or 65 per cent of total global recorded music revenues.
In addition to streaming revenues, growth was supported by gains in other areas, including physical formats, up 16 per cent, and performance rights, up four per cent.
Commenting on the findings, IFPI Chief Executive Frances 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.
“Consequently, today’s music market is the most competitive in memory. Fans are enjoying more music than ever and in so many different and new ways. This creates enormous opportunities for artists. Those who choose to partner with a record company, do so to benefit from the support of agile, highly responsive global teams of experts dedicated to helping them achieve creative and commercial success and build their long-term careers.