The recorded music industry has reportedly made around $21.6 billon (£15.7billion) in 2020, which is one of the highest figures recorded since the year 2002. Revenues increased by 7.4 per cent fueled by the success of artists such as Drake, Taylor Swift, and Billie Eilish in the charts.
The top-selling albums was BTS’s Map Of The Soul: 7, while Blinding Lights, the retro-pop anthem by The Weeknd was named as the top-selling single, moving over 2.7 billion copies.
Various popular streaming sites such as Apple Music and Sportify accounted for around 62.1% of overall revenues, reaching up to $13.4 billion (£9.7billion).
As per IFPI, which essentially represents the international music industry, approximately 443 million people are now paying for a music streaming subscription. This means that more than 102 million people signed up for a new account in 2020, as compared to the 85 million in 2019, as well as 79 million in 2018.
These figures by IFPI do not include revenues from the global live music segment, which is the most affected sector of the music industry by the COVID-19 pandemic.
It is hoped that the live music sector would soon resume this summer, depending on the COVID-19 vaccine rollout. However, the annual report submitted by IFPI emphasized on how virtual concerts and livestreams had aided musicians to reach millions of fans over the past 12 months.
BTS were the biggest act in the world, marking the first time ever a South Korean band has topped the international music chart.
Meanwhile, the UK retained its place as the globe’s third biggest music market, with revenues of $1.5 billion (£1.1billion). But income from performance rights was probably the most affected, plummeting by more than a fifth to $145 million (£105 million).
Geoff Taylor, chief executive of the BPI, which represents record labels across the UK, stated that the lockdowns greatly affected last year’s financial results. However, due to the quality connectivity of online streaming platforms and the undying love for vinyl, the global recorded music industry was able to thrive at a time where other sections of the industry were struggling.
Source credit: https://www.bbc.co.uk/news/entertainment-arts-56495126