LONDON: Global recorded music revenues rose 18.5 per 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 US$25.9 billion, according to a report released on Tuesday.
Paid subscription streaming revenues rose 21.9 per cent to US$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 65 per cent of total revenues.
Total streaming, which includes advertising supported streaming, rose 24.3 per 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 35 per cent recorded in the Middle East and North Africa. It was followed by Latin America, with 31.2 per cent, US and Canada with 22 per cent and Asia with 16.1 per cent.
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