The music industry is managing to endure the pandemic – and made the most revenue in nearly two decades.
The industry brought in $21.6 billion dollars in 2020, the highest figure since 2002, according to the IFPI’s annual Global Music Report, via BBC on Tuesday (March 23).
Overall revenue increased by 7.4%, led by several superstar acts, with an increasing dominance of streaming services: 62.1% of all revenue came from streaming, or $13.4 billion, generated by more than 443 million users. (Note: the figures do not include live music revenue.)
The increase in revenue is a reminder of “the enduring power of music to console, heal and lift our spirits” amid the pandemic, according to chief executive Frances Moore.
“Some things are timeless, like the power of a great song or the connection between artists and fans. But some things have changed. With so much of the world in lockdown and live music shut down, in nearly every corner of the globe most fans enjoyed music via streaming.”
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