The worldwide recorded music industry generated US$23.1 billion in 2020, regardless of the pandemic.
That is in accordance with a new report from the UK’s MIDiA Research and signifies new earnings of $1.5 billion after recording 7% progress from 2019.
This got here when many releases had been delayed, and there was no advertising help from bodily retail, touring and reside efficiency royalties as music venues, gyms and bars closed.
“Though the recorded music enterprise skilled a dip within the earlier months of the pandemic, the rest of the yr noticed trade income rebound,” the report said.
Nevertheless, regardless of the income progress, the expansion fee for the recorded music enterprise was under the 11% will increase seen in each 2018 and 2019.
Through the first waves of the pandemic, the collective market share of the three main labels dipped to 65.5% in comparison with the 66.5% reported in 2019.
MIDiA attributed the expansion to a fast escalation of music streaming take-up, with a 19.6% progress in revenues (representing $2.3 billion), to a grand complete of $14.2 billion.
One other pattern famous by the report was the 27% progress of the indie sector, with indie labels and self-releasing artists now holding a market share of 31.5%.
The brand new era of DIY artists are successful story. MIDiA mentioned they generated $1.2 billion after rising 34.1% and now 5.1% of the market.
They’re now rising their share of the streaming market.
Utilizing Spotify figures, MIDiA estimated that artists direct had been up by 28%, these on indie digital service Merlin had been flat or down, non-Merlin indies had been up by 49% and majors grew by 14%.
As in 2019, artists direct and non-Merlin independents had been “the massive winners.”
“These two segments symbolize the brand new vanguard of streaming-era music technique, entities which have realized the way to use their smaller scale to be agile and play to the distinctive rhythms of streaming in a means that larger, extra established firms haven’t.”