Total revenue was $26.2 billion, an increase of 9% over the prior year.
The main driver of growth was a 10.3% increase in paid streaming subscription revenue, which totaled $12.7 billion last year.
IFPI reported that there were 589 million paid subscription account users at the end of 2022, up from 523 million in the previous 12 months and 443 million in 2020.
Key figures from IFPI’s Global Music Report 2023:
- Global music sales rose 9% to $26.2 billion.
- Paid streaming subscription revenue increased 10.3% to $12.7 billion
- Total streaming revenue (including pay and free) increased 11.5% to $17.5 billion.
- Physical revenue increased 4% to $4.6 billion. Vinyls fueled growth.
- Performing rights revenue increased 8.6% to $2.5 billion.
- In 2022 it closed with 589 million paying subscribers on streaming platforms
- Share of streaming in global music sales: 67%
- In terms of world markets, the United States retains its number one position with music sales growing 4.8% and surpassing $10 billion in recorded music sales for the first time.
- Japan remains stable in second place with sales growth of 5.4% in 2022. The third and fourth largest markets remain the UK and Germany.
- The rest of the Top 10 is made up of China (the first time it has reached the top five world markets), France, South Korea, Canada, Brazil and Australia.
- Latin America, where streaming now accounts for 85.2% of the market, saw growth of 25.9%.
- The fastest growing market region in 2022 was Sub-Saharan Africa, which saw a 34.7% increase in music sales, driven in large part by the booming music market in South Africa.