The global recorded music market grew by 9.7% in 2018, the fourth consecutive year of growth. Figures released today in IFPI’s Global Music Report 2019 show total revenues for 2018 were US$19.1 billion.
Streaming revenue grew by 34.0% and accounted for almost half (47%) of global revenue, driven by a 32.9% increase in paid subscription streaming. There were 255 million users of paid streaming services at the end of 2018 accounting for 37% of total recorded music revenue. Growth in streaming more than offset a 10.1% decline in physical revenue and a 21.2% decline in download revenue.
Record company-driven investment, innovation and partnerships are supporting artists to connect with fans around the world whilst also yielding dynamic growth in high-potential markets. For the fourth consecutive year, Latin America was the fastest-growing region (+16.8%) with Brazil (+15.4%) and Mexico (+14.7%) growing strongly. The Asia and Australasia region (+11.7%) grew to become the second-largest region for combined physical and digital revenue, with especially strong growth in South Korea (+17.9%).