Business

Streaming hits $8.9bn in 2018

2019-04-21 18:26

Canadian rapper Drake is at the top of the pile of artists who feature in the top 10 music sales last year, with US singer Lady Gaga and UK singer Ed Sheeran and even the BTS Kpop band.

This is according to a report released by the International Federation of the Phonographic Industry that looks at music sales.

There was an increase of 32.8% in overall music streaming revenues last year to $8.9 billion from $6.7 billion in 2017.

However, physical music sales declined by 10.1% last year compared with 2017 to $4.7 billion.

Physical sales account for a quarter of overall music consumption.

South Korean boy band BTS are doing phenomenally well even though their music is predominantly consumed in their home country.

They are ranked number two on the top 10 of global recording artists.

US singer Beyoncé is one of the most visible artists there is but this hasn’t necessarily translated into sales.

Following BTS and Drake are Sheeran, Eminem and US rapper Post Malone, who will visit South Africa in June.

music
Global music market in numbers

Legendary rock band Queen, at number six, have also made a return to the top of the pile of sales thanks to the award-winning bio movie Bohemian Rhapsody.

The music industry suffered a speed wobble of sorts with the rapid switch from analogue to digital, which left it in a similar state to print media, shrouded in uncertainty.

The global recorded music revenue last year boasted its fourth consecutive year of revenue growth.

Last year global music revenue sales were $19.1 billion up 9.7% from 2017.

However, in the period from 2001 to last year, global record music revenue peaked in 2001 at $23.9 billion and steadily declined to $14.3 billion by 2014 before picking up again.

The country with the biggest music sales is the US followed by Japan, the UK, France, Germany and South Korea.

No African country features in the top 10 ranking of countries worldwide by music sales, which is sad as regional sounds are becoming more accessible as a result of digital platforms.

Revenue figures from Latin America showed a rise of 16.8% last year compared with 2017 and in South Korea sales rose by 17.9% last year from 2017.

The report put the figure of paid streaming accounts around the world at 255 million users.

The rise of digital consumption of music has also allowed record labels to increase the amount of money they invest in artists from markets that were once untapped or specific to a certain region.

This is slowly breathing new life into the global music industry and unique sounds. 


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August 18 2019