IMS Business Report 2022: Recorded music industry tops $26 billion in continued growth
The IMS Business report 2022 reveals continued growth driven by a rise in streaming as well as physical music sales.
The yearly IMS (Internation Music Summit) business report for 2022 has just taken place, seeing hundreds of musical and industry experts gather to hear exactly what’s currently shaping the industry and how well it’s doing as a whole. The 2022 IMS business report reveals to us the staggering growth that occurring within the industry with the recording music industry crossing $26 billion across all genres, an 18% growth from last year.
The enormous growth is thought to be driven by the continued rise in streaming as well as the surprising explosion in sales of physical musical entities. Streaming saw an acceleration of 24% year on year in 2021, compared to a 19% rise from 2019 to 2020 and a 22% rise from 2018 to 2019. Physical music sales saw growth for the first time in 20 years states the 2022 report, with vinyl sales growing by a substantial 51% and sales of CDs increasing by 9%. However, it wasn’t all positive news for the industry with the decline of digital downloads continuing to fall on sites the likes of iTunes, in 2021 the digital downloads sector fell by 15.3%, however, cemented electronic music platform Beatport saw a growth of 13%.
The growth was also declared to be driven by new monetisation opportunities on new and existing platforms the likes of social media giants TikTok and Instagram and the return of live events post Covid-19 saw performance rights grow for the first time since 2018. Find out more about the IMS Business Report 2022 by checking it out in full via their official website here.
Image Credit: Press