LONDON : Global recorded music revenues rose 18.5per cent last year driven by an increase in listeners tuning into paid subscription streaming, marking the market's seventh consecutive year of growth to a record $25.9 billion, according to a report released on Tuesday.
Paid subscription streaming revenues rose 21.9per cent to $12.3 billion, the IFPI said, adding there were 523 million users of paid subscription accounts at the end of the year. Overall streaming accounted for 65per cent of total revenues.
Total streaming, which includes advertising supported streaming, rose 24.3per cent. Revenues from performance rights and synchronisation, the use of recorded music in adverts, film, television and games, also enjoyed growth. Recorded music revenues grew in every region, with the fastest rate of 35per cent recorded in the Middle East and North Africa. It was followed by Latin America, with 31.2per cent, U.S. and Canada with 22per cent and Asia with 16.1per cent.
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