Despite a challenging year, the global recorded music market grew by 7.4% in 2020. This is
the 6 th  consecutive year of increasing revenues.

The story of the recorded music industry continues to be one of transformation: from physical
to digital; downloads to streaming; ownership to access. Streaming services are steering the
global music industry from years of decline to slow but sustainable growth with streaming
contributing to about 62.1% of global music revenues now. The users of paid streaming
subscriptions contribute 46% of the global revenues. These paid subscribers of music
streaming services are the key drivers of growth in the future, hence moving the consumers to
a subscription based model is imperative to sustain growth. Music Piracy, the Global Value
Gap, and fair remuneration to the rights holders remain the major global challenges. The
record companies continue to be a major stakeholder in the global music business, fulfilling
the role of discovering, nurturing, supporting and promoting artists around the world.

.2020: Global Recorded Music Industry

   $21.6 bn                 7.4%

    global trade revenues for  2020                 Growth compared recorded music industry in 2019 to 2020

Learn more about the Global Recording Industry trends in the IFPI Global Music Report 2021. Here