According to the latest IFPI Global Music Report, the total global revenue for the recorded music industry hit $20.2 billion, up 8.2 from 2018 ($18.7B).
Unsurprisingly, physical and downloads slowed – attributed to the rise in streaming. Yet the decrease in physical sales wasn’t significant, at just 5.3% to $4.4 billion.
Streaming increased to $11.4 billion, a massive 22.9% increase year over year.
With the current health and economic issues the world is having, there will surely be a decrease in revenue throughout 2020 – especially with physical sales.
Frances Moore, chief executive of IFPI, said: “The Global Music Report we issued today covers results for 2019 and reflects the successful work and investment of music creators – from record companies to artists and beyond. Importantly, the strong foundation we built over the past several years helped deliver growth in 2019.
“While the numbers we are reporting are a snapshot of the business last year, the COVID-19 pandemic presents challenges unimaginable just months ago.
“In the face of a global tragedy, the music community has united behind efforts to support those affected. This is a critical and ongoing priority as our member record companies work to continue to support the careers of artists, musicians and employees around the world.”
In terms of regional growth, IFPI says that Latin America was the world’s fastest-growing region in percentage terms in 2019, up 18.9%.
Within LATAM, Brazil grew by 13.1%, Mexico by 17.1% and Argentina by 40.9%.
Europe, the world’s second-largest region, grew 7.2% – after being almost flat in 2018 – with UK (+7.2%), Germany (+5.1%), Italy (+8.2%) and Spain (+16.3%) all reporting strong growth.
The world’s biggest recorded music market in 2019 was the USA, followed by (in order) Japan, the UK, Germany, France, South Korea and China.
As previously reported, the biggest revenue-generating artist of the year, globally, was Taylor Swift (pictured).
The biggest album was 5×20 All the BEST!! 1999-2019 by Japan’s ARASHI, followed by Swift’s Lover.
The biggest single was Billie Eilish’s Bad Guy, followed by Lil Nas X’s Old Town Road.
Examine the full report here.