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Streaming: engine of the music industry in the world

Streaming was the main engine of growth for the music industry in the world in 2021, highlighted Reservoir Media, an independent music company based in New York, United States.

According to the International Federation of the Phonographic Industry (IFPI), ad-supported streaming revenue grew 32% between 2020 and 2021.

Subscription streaming grew 22% over the same period, adding $2.2 billion in revenue to the 2020 figure.

Reservoir Media indicates that this growth has been driven by an increase in both subscribers and usage.

As music becomes more accessible, today’s consumers listen to more music on more platforms than ever before.

The total number of music subscribers worldwide was 523 million in 2021, an increase of 21% from 2020.

According to Luminate (formerly MRC Data), global streaming of audio-on-demand songs increased approximately 26% year-over-year in 2021.

All generations are taking advantage of streaming to increase their engagement with music.

Additionally, Luminate reports that more than 96% of the U.S. population ages 13-55 uses a streaming service to listen to music in a typical week, and 89% of the Baby Boomer generation ages 55 and older switched to streaming.

Music industry

Platforms such as gaming, home gym and social media platforms are evolving in ways that integrate quality commercial music into their services, providing a cumulative source of revenue for the music industry.

The evolution of in-car entertainment systems from physical media players to streaming connectivity will help drive growth in music subscriptions and digital advertising revenue for music services.

According to Statista, the number of connected cars on the road is expected to rise from 237 million in 2021 to 400 million in 2025.

By 2030, 96% of new vehicles shipped worldwide will be built with internet connectivity.

Reservoir Media concludes that the global music entertainment industry is huge and growing. Within the broader music entertainment space, the music publishing and recorded music industries are thriving, buoyed by powerful tailwinds.

Según Statista, en abril de 2022, cinco de las 10 cuentas más seguidas en Twitter pertenecían a músicos y, según YouTube, la mayoría de los videos que han logrado más de 1,000 millones de visitas de por vida, así como la mayoría de los videos más populares de todos los tiempos, incluyen música.

 

Redacción Opportimes

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