Paid subscriptions hit 589M as global music revenue growth slows to 9%

Paid music subscriptions passed 589 million at the end of 2022, up from 523 million in 2021, with combined ad-supported and paid streaming driving growth at 67% of global recorded music revenue, up 11.5% from 2021 to $17.5 billion.

According to the IFPI’s just released Global Music Report, there was also growth in physical up 4.0, performance rights revenue increasing by 8.6% and returning to pre-pandemic levels, and synchronization income climbing by 22.3%.

2022 growth slowed to 9% overall compared to 18.5% in 2021.

“As the opportunities for music continue to expand, so too do the areas in which record companies must work to ensure that the value of the music artists are creating is recognized and returned.,” said IFPI Chief Executive Frances Moore. “This challenge is becoming increasingly complex as a greater number of actors seek to benefit from music whilst playing no part in investing in and developing it.” 

Download the full IFPI Global Music Report here.

Bruce Houghton is the Founder and Editor of Hypebot and MusicThinkTank, a Senior Advisor at Bandsintown, President of the Skyline Artists Agency, and a professor for the Berklee College Of Music.