IFPI's Global Music Report for 2022 has just been released.

On 22 March 2022, IFPI — the organization that represents the recorded music industry worldwide — revealed its figures for 2021's music market worldwide, which had a revenue of USD 25.9 billion last year.

Recorded music revenues grew in every region around the world in 2021. With the release of IFPI’s Global Music Report 2022 today, find out more about how those revenue figures breakdown by format and region.

👉 https://t.co/y7Q8uhZHiU#GlobalMusicReport pic.twitter.com/gY8xZp6rxl

— IFPI (@IFPI_org) March 22, 2022

In particular, Asia has grown exponentially, accounting for a significant share of the global physical revenues with 49.6%. Asia grew by 16.1%, with its largest market, Japan, seeing a growth of 9.3%. Excluding Japan, the region experienced a 24.6% climb in revenues. 

For the first time in 20 years, revenue from physical albums grew globally according to IFPI, with a 5 billion USD in recorded music industry revenue from physical sales last year.

In 2021, the likes of Korean acts BTS and SEVENTEEN dominated IFPI's Global Artist Chart with BTS topping the list for the second consecutive year, and SEVENTEEN making their first appearance. The two acts also feature on the Global Albums Sales Chart with BTS' Japanese compilation album BTS, THE BEST (4th), SEVENTEEN's Attacca (3rd) and Ready to Love (8th), as well as J-pop act Snow Man's Snow Mania S1 (9th) are in the Top 10. 

The global recorded music market grew by 18.5% in 2021, driven by the growth in paid subscription streaming. Paid subscription streaming revenues itself increased by 21.9% to US$12.3 billion last year, with 523 million users with paid accounts by the end of 2021. 

IFPI’s Global Music Report 2022 - the definitive guide to the recorded music market worldwide – is out now. https://t.co/y7Q8uhZHiU #GlobalMusicReport pic.twitter.com/gmc42X85lD

— IFPI (@IFPI_org) March 22, 2022

Analysts derive that the growth came from the drive of Record companies working towards growing a broader music ecosystem locally and internationally. With local teams around the globe, they invest in local artists and support their development in the high-potential markets of Asia, Latin America, and Africa, while fostering the continued development of artists in the more matured markets of Europe and North America into more vibrant and diverse local ecosystems. 

IFPI Chief Executive Frances Moore shared that music is only growing bigger today with the help of technological advancements. 

"As more markets mature, they join with and contribute to the rich, globally interconnected music world. Consequently, today’s music market is the most competitive in memory. Fans are enjoying more music than ever and in so many different and new ways. 

This creates enormous opportunities for artists. Those who choose to partner with a record company, do so to benefit from the support of agile, highly responsive global teams of experts dedicated to helping them achieve creative and commercial success and build their long-term careers. 

Next week IFPI Director of Insight and Analysis @davidprice joins @EIF4eu alongside MEP @sabineverheyen and representatives from @Huawei and @Spotify to discuss trends in music’s digital consumption https://t.co/uZhpN8WbTP

— IFPI (@IFPI_org) March 10, 2022

“As technologies and the online environment continue to evolve and expand, so too do the creative opportunities to share music experiences.  From the metaverse to in-game content, record companies have invested in the people and the technologies to deliver new, highly interactive experiences – adding to the evolving ways for artists to make connections with their fans.”

Notably, Australasia experienced a growth of 4.1% and remained a top 10 market globally while New Zealand saw a rise in streaming revenues pushing the overall market to a growth of 8.2%. The Middle Eastern and North African regions experienced the fastest regional growth with 35%, with streaming occupying 95.3% of the market share. 

In more mature markets, Europe saw a steep increase with 15.4% from last year's growth of 3.2%, and Latin America saw a growth of 31.2% — one of the highest globally. The USA and Canada grew by 22.0% in 2021, outpacing the global growth rate. The USA market alone grew by 22.6% and Canadian recorded music revenues grew by 12.6%.

Read the full report here.