The Music Industry’s Spotify Wrapped

Global music revenues rose 18.5% to reach $25.9 billion last year, the highest level since accounting records began in the 1990s, per a new report from the International Federation of the Phonographic Industry.

🎧 By the numbers… On top of reaching record revenues, 2021 saw the music industry's fastest annual growth-rate in more than two decades.

• This growth was largely driven by streaming, which now has 523 million paid subscribers – up from 443 million in 2020. The category accounted for 65% of the industry's overall revenue.
• Sales of CDs increased for the first time this millennium, and vinyl revenues were up by 51%.
• The three top-selling artists (in order) were BTS, Taylor Swift and Adele.

📈 The big picture: The industry has now enjoyed seven consecutive years of growth, according to the IFPI.

+Dig deeper: How streaming payouts work, from our friends at Alternative Assets.