According to the Global Music Report recently published by the IFPI, the organization representing the global recorded music industry, the global market grew by 9.0% in 2022, driven by the growth of paid subscription music streaming. The figures show that revenue levels in the recorded music market reached $26.2 billion in the same year.
Revenues from subscription audio streaming grew by 10.3% to $12.7 billion, and 589 million paid subscription account users were recorded at the end of 2022. Total streaming (including paid and ad-supported subscriptions) grew by 11.5% to US$17.5 billion, accounting for 67.0% of total global recorded music revenues.
Sub-Saharan Africa has become the fastest-growing region in the world in terms of music revenues. With an increase of 34.7%, Sub-Saharan Africa is the only region to record growth of more than 30%.
Growth in Sub-Saharan Africa was boosted by strong revenue growth in South Africa, the region's largest market.