UK-based MIDiA Research released its annual report of global recorded music revenue. The main points:
- $31.2-billion total revenue
- $20-billion is from streaming music — 64.1% of total revenue
- $9.2-billion earned by major label UMG
- $10.8-billion revenue for indie labels and Artists Direct distribution
- Artists Direct share of total is 5.7%
MIDiA’s numbers are broadly similar to the recently reported full-year 2022 revenue report from IFPI (RAIN coverage HERE.)
MIDiA notes that 2022 totals represent “a year of realignment for much of the global economy.” The research firm observes that 2021 was a boom year, possibly driven by the global Covid phenomenon. “2022 was a year of realignment for much of the global economy,” the report says, “and the music business had to contend not only with the wider trend of the cost-of-living-crisis, but also rising interest rates softening music catalogue M+A demand and the long expected streaming slowdown kicking in.”
Summary infographic:
