The Global Music Market reached $26 bn in 2021

Last year, the revenue of Global Music increased at the fastest rate in the past three decades and it clocked a revenue of around $26 billion. Revenues of the Global Music Industry increased by 18.5% in the year 2021. This is the highest revenue ever recorded since records began in the 1990s. Streaming majorly drove the growth of the industry as the paid subscribers increased to 523 million in 2021 against 443 million in 2020. 66% of the total revenue of the global music industry comes from streaming with CDs, vinyl, and cassettes making up 19% and downloads 4%. A combination of royalty payments and licensing music to films, TV shows, and adverts make the remaining 11%. According to the International Federation of the Phonographic Industry (IFPI), the industry registered growth for the seventh consecutive year. Chief Executive Officer of IFPI, Frances Moore said: "It's hugely encouraging. We lived through that dire period after 1999 where the industry declined by 40%. We didn't envisage we'd be in a situation [this year] where we report on 60 or 70 countries and every single one is in growth." A noteworthy fact was that sales of CDs increased for the first time this millennium, and vinyl revenues were up by 51%.