24 juin 2024

African artists break through the streaming platform market

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The African region along with the Middle East recorded an 8.4% increase in streaming last year. According to the report from international music hosting platforms, music users have fallen in love with African music. Consumers continue to savor this musical genre to this day.

The global recorded music market grew by 7.4% in 2020, thanks in part to an increase in streaming revenues that is helping the industry rebound from decades of piracy.

Recorded music revenues totaled $21.6 billion, "the sixth consecutive year of growth," notes the International Federation of the Phonographic Industry's (IFPI) annual report released Tuesday.

But it was streaming (via and without subscription), up 19.9% in 2020, that boosted growth for a decade. Industry revenues are now approaching those seen at the turn of the century, before the ravages of the internet on recorded music.

Streaming platforms, including Spotify, Apple and Deezer, now account for 62.1% of global music revenues, with some 443 million paid subscriptions, according to the IFPI report.

According to the report by Denis Kooker of Sony Music, "What's absolutely exciting is to see artists from all over the world breaking into any type of market in the world. There are no barriers to entry, no barriers for consumers to interact with the artist.

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© Photo Credit : Polyclinique de l'Oreille