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Streaming and Interest in Physical Media have Led to 18.5% Growth in the Music Industry in 2021 – Novinite.com

todayMarch 25, 2022

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Bulgaria duplicates the end result on the world market and reported a development of 18.6%

18.5% is the worldwide development of the music market in 2021, introduced the Bulgarian Affiliation of Music Producers (BAMP), a nationwide group of the Worldwide Federation of the Recording Trade (IFPI) for Bulgaria. The info are from the newest annual report of IFPI – International Music Report for 2021 and present the seventh consecutive 12 months of development. The trade‘s whole income over the previous 12 months has reached .9 billion.

The primary driver for income development in 2021 is once more streaming and particularly its paid subscription type, the place there’s a soar of + 21.9% in comparison with the earlier 12 months. This has introduced the trade .3 billion. By the tip of 2021, subscribers with paid subscriptions already quantity 523 million. Whole streaming income (subscription and ad-supported) grew by + 24.3% to .9 billion. That is 65% of all revenues of the worldwide music trade, which makes the share of streaming extra vital with every passing 12 months (in 2020, income from streaming was 62.1%).

In contrast to the pandemic 2020, when gross sales of bodily media and revenues from collective rights administration declined by -4.7% and -10.1%, respectively, in 2021 the pattern is constructive. Gross sales of bodily media elevated by + 16.1% and revenues from rights administration by + 4%.

“We even have a pattern of rising whole revenues yearly. In 2021, they’ve elevated by + 18.6% in comparison with 2020, as our trade has generated 10.3 million US {dollars},” stated the chief director of the Bulgarian Affiliation of Music Producers Petya Tocharova. “Regardless of this development, nonetheless, Bulgaria continues to lag behind within the world rating of music markets, the place we’re 56th out of 70 markets monitored by IFPI. Nonetheless, the actual fact is that, though very barely, we’re beginning to transfer up, and for the previous 12 months now we have climbed one place, from 57th to 56th place,” she added.

The Bulgarian music trade is not any exception to world developments and in 2021 reported a + 24.5% improve in whole streaming income (subscription and supported by promoting). Probably the most vital is the rise in income from the consumption of video streaming supported by promoting (+ 157.5% in comparison with 2020). “With the institution of the management place of recent applied sciences, we now talk in a different way with music and, along with listening to it, we’re used to perceiving it and watching it, which determines this unprecedented development in video streaming. Its share of the overall digital gross sales for 2021 in Bulgaria is 22.2% “, commented the chief director of BAMP.

Regardless of the decline in gross sales of bodily media in Bulgaria in 2020, in 2021 they reported vital development. Revenues from vinyl information elevated by + 63.9%, and from CDs – by + 17.9%. The disks nonetheless have the most important share in bodily gross sales – practically 65.8% of the overall income, and in second place are the vinyl information with 31.6% share.

IFPI Chief Govt Officer Frances Moore opened the net presentation of the report in London, expressing concern over the occasions in Ukraine and the following humanitarian disaster, and harassed that “along with our colleagues from all the music group, IFPI helps all actions to alleviate the humanitarian refugee scenario and requires an finish to the violence.”

Commenting on the International Music Report, Moore continued: “Worldwide, document corporations are strongly dedicated domestically to sustaining music tradition and contributing to the event of rising music ecosystems – by strongly supporting native music and enabling it to achieve world viewers. The extra markets develop, the extra they are going to unite and contribute to a richer, globally interconnected music world.”

“At the moment’s music market is essentially the most aggressive in historical past. Music lovers take pleasure in extra music than ever and in so many alternative and new methods. This creates nice alternatives for artists. Those that select to companion with document corporations achieve this to profit from the assist of versatile and responsive world groups of specialists tasked with serving to them obtain inventive and industrial success and construct their long-term careers.”

“As expertise and the net surroundings proceed to evolve and increase, so do inventive alternatives to share musical experiences. From the universe to content material in laptop video games, document corporations are investing in individuals and expertise to ship new, extremely interactive experiences – including new methods for artists to attach with their followers.”

Progress of the trade by world areas:

Revenues of the music trade are rising in every of the areas in 2021, as follows:

• Europe, the world’s second-largest market, grew by 15.4% in income, a remarkably sharp improve from 3.2% within the earlier 12 months. All main markets within the area grew in double digits: the UK (+ 13.2%), Germany (+ 12.6%) and France (+ 11.8%).

• Asia grew by 16.1% and its largest market, Japan, by 9.3%. Excluding Japan, the area noticed a 24.6% improve in income. The pattern in Asia to devour bodily media continues in 2021, with the area accounting for 49.6% of bodily income worldwide.

• Latin America grew by 31.2%, one of many highest development charges on this planet. Streaming accounts for 85.9% of the market, one of many highest on this planet.

• The Center East and North Africa are in first place by way of development charge with a 35.0% improve in income for 2021, 95.3% of which is because of streaming.

• America and Canada outpaced the earlier 12 months’s world development charge of twenty-two.0%, with the US market alone rising by 22.6% and Canadian music income rising by 12.6%.

You possibly can obtain the IFPI International Music Report 2022 in English HERE

For extra details about BAMP, go to BAMP-BG.ORG

Observe Novinite.com on Twitter and Fb

Write to us at editors@novinite.com

Информирайте се на Български – Novinite.bg





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