IMS Business Report 2023: Global recorded music revenue growth slows but remains strong at $31.2 billion
The latest edition of the IMS Business Report finds that global recorded music revenue growth increased at a slower rate in 2022 compared to 2021, but remains strong.
Music industry experts have once again gathered up for the release of the IMS (International Music Summit) Business Report, a study that reveals what’s currently shaping the industry and how it’s progressing as a whole. This year, the IMS business report, published by Mark Mulligan MIDiA Research, revealed to us the continued growth occurring in global recorded music revenue, which is now valued at $31.2 billion (previously valued at $29.3 billion in 2021).
Although 2021 saw a higher growth rate of 25% (global recorded music revenue increased from $23.5 billion in 2020 to $29.3 billion in 2021), 2022’s slower 7% growth is still considered to be significantly strong. This is because 2022 was a “back to reality year for recorded music” considering that growth in 2021 was largely amplified by the post-Covid book growth. Other factors contributing to the growth rate decrease include the rising costs of living as well as global economic concerns.
Out of the $31.2 billion in global record music revenue, $20 billion came from streaming, followed by $4.4 billion in physical, $1.1 billion in digital downloads and $5.7 billion in other monetization formats such as the ones found in social media platforms TikTok and Instagram. Find out more about the 2023 IMS Business Report by downloading it here.
Image Credit: Ivan Meneses for Insomniac Events