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WHAT DOES THE IFPI’S GLOBAL MUSIC REPORT TELL US ABOUT THE MUSIC INDUSTRY IN
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Janelle Borg
May 3, 2021
5 minute read
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What does the IFPI’s report tell us about the state of music after the last
year?

IFPI’s Global Music Report has shed light on the facts and figures that shaped
the global music industry in 2020. Despite all the havoc wrecked by the COVID-19
pandemic, the global recorded music market grew by 7.4% – marking the sixth
consecutive year of growth. 

The total industry revenue of US$21.6 billion was driven by the lucrative
streaming sector – particularly paid subscription streaming – which grew 19.9%
and reached the astounding figure of $13.4 billion. Unsurprisingly, physical
sales decreased by 4.7%, while revenues from performing rights and sales
suffered a 10.1% decline as a result of the pandemic. 

In this article, we’re highlighting some key points from this report. We also
explore a few less discussed but equally interesting findings. 

Vinyl sales continued to rise

Vinyl is not going away anytime soon. Sales grew 23.5% last year – compared to
2019’s 6.1%, making it a pandemic-proof physical format. 

Artists from across the globe are leaning into this physical platform. Indie
artists, in particular, are using different vinyl versions of the same record to
amp up sales and actually chart, e.g. Idles’ “Ultra Mono” was the
fastest-selling vinyl of 2020 in the UK and managed to secure the number one
spot in a pop-dominated chart. Fans are keen to buy the same record twice, as
vinyl releases are collectables that enable fans to own aesthetically pleasing
records that offer a tangible, artistic experience. Furthermore, artists tend to
drop limited copies of their records on vinyl, driving up their value.

An increasingly globalised market

It’s safe to say that 2020 has highlighted the undeniable fact that the music
industry, powered by streaming and global technologies, is becoming increasingly
globalised. Recorded music revenues grew in every region. 

 * Latin America has secured its position as the fastest-growing market
   (+15.9%), with Brazil dominating the Latin American market. Money generated
   via streaming accounted for 84.1% of the total revenues. 
 * Asia‘s total revenue increased by 9.5%. For the first time ever, digital
   revenues encompassing 50% of the total income. Japan – Asia’s biggest music
   market – saw a decline in revenue, but overall, Asia is still one of the
   fastest-growing regions in the world. K-Pop and South Korea saw their biggest
   year ever with a 44.8% growth. 
 * For the first time ever, Africa and the Middle East were featured as a region
   in this report. MENA (the Middle East & North Africa) drove the region’s
   overall sales – with an 8.4% increase, driven by the domination of streaming
   platforms. 
 * Europe, the second-largest recorded music region, saw a 3.5% overall
   increase. Streaming continues to offset the decline in physical and
   performance sales. 
 * The world’s biggest market – the US & Canada – grew by 7.4%, with Canadian
   recorded music revenue increasing by 8.1%. 

Sync deals and the pandemic

The pandemic had a significant effect on sync revenue. Due to production delays
and movie release dates being constantly pushed back, synchronisation revenues
declined by a staggering 9.4% on a global level. As music-adjacent industries
start to bounce back due to vaccinations and rapid testing, sync revenue is
projected to recuperate in 2021. 

The phenomenon of music catalogue sales 

Music catalogue sales were all the rage in 2020 and show no signs of stopping.
Bob Dylan’s reported $300 million catalogue sale has ushered an era of catalogue
selling by world-renown musicians such as Neil Young and Stevie Nicks. Music
catalogues have been transformed into recession-proof stocks, with companies
such as Hipgnosis Songs Fund buying catalogues that include songs that stood the
test of time and offering investors the chance to make money from royalties.
Expect to hear more Bob Dylan, Stevie Nicks, Blondie, Imagine Dragons and Calvin
Harris in ads and movies, as these artists (and many more!) have already sold
their back catalogues. 

The BTS Impact

The K-Pop industry is revolutionising the global music industry. The
seven-member South Korean boy band BTS have managed to score the number 1 spot
in the Top 10 Album All-Format Chart of 2020 with their album Map of the Soul:
7. In its first week, the album went straight to number one on the US Billboard
200 with 422,000 album-equivalent sales, marking the biggest first week for an
album in 2020. BTS, driven by their team at Hybe (formerly Big Hit
Entertainment), have managed to take over the streaming world and break the
American market. 

Asian artists’ potential to break the Western music market has been summarized
by Shridhar Subramaniam (Sony Music’s President, Strategy and Market
Development, Asia and the Middle East) who commented, “We should no longer look
at Asia as one giant block, it needs to be broken up into hubs: Greater China,
Korea, Southeast Asia, India and the Middle East. Each is an economic powerhouse
with vast populations, but they’re also very different both culturally and
economically and in terms of the evolution of the market and the internal market
dynamics.” He continued, “Once you do that, the next step is to empower these
hubs to become significantly powerful entities in their own right.” 

Rise of African Music

The rise of non-Western artists was also noted by Simon Robson, (President,
International, Recorded Music, Warner Music Group), who analysed the growth of
the African music market. He now sees African artists and the African diaspora’s
potential to make it globally. Robson said, “K-Pop continues to make great
strides, of course, but I would argue the most exciting development this year
has been how African music and African artists have been embraced by fans
worldwide.” He continued,” In the case of Warner, we have Master KG with
Jerusalema, which has been a huge global hit, and Aya Nakamura, the French
singer whose music draws on her Malian heritage, signed to Warner Music France,
has also been incredibly successful.”

Social Justice 

2020 proved to be a game-changing year when it comes to social justice. The
Black Lives Matter Movement, which spread globally, as well as the U.S.
Elections, had a ripple effect on a global music industry that was tone-deaf for
decades to the plight of the global south and ethnic minorities. 

Initiatives such as #TheShowMustBePaused and Blackout Tuesday – the collective
protest effort in response to the killings of George Floyd, Ahmaud Arbery, and
Breonna Taylor – continued to prove how important the music-social media
partnership is and how this is going to continue inspiring social justice
efforts in the 2020s. 

Eric Hutcherson, Executive Vice President at Universal Music Group, emphasised
the importance of global companies such as UMG taking action and instigating
real change within their organisations. He said, “My goal is to drive meaningful
change towards making this a more diverse and inclusive industry that recognizes
both our differences as well as our commonalities.” Hutcherson also commented on
the importance of developing Universal into a partner for artists that want to
make a real difference in the world. 

Major labels are also becoming more involved in politics. Towalame Austin
(Executive Vice President of Philanthropy & Social Impact at Sony Music Group)
was one of the key team members that were instrumental in launching the “Your
Voice, Your Power, Your Vote”, which saw Sony mobilising more than 80 of their
artists to encourage people to get out and vote. Sony is also supporting High
School music programmes and grassroots philanthropic organisations. These
humanitarian action forms part of Sony’s vision to influence other societal
sectors through its artists and employees. 

Conclusion

The strong foundations of the digital era have ensured that, despite the
exceptional circumstances that characterised 2020, the global music industry has
continued to thrive and develop in unexpected and game-changing ways. By
recognising the power of non-Western music markets and harnessing the reach of
new digital platforms, record labels and their artists have continued to find
innovative solutions for global challenges.

Photo by Mika Baumeister on Unsplash

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Author

JANELLE BORG


Janelle knows a thing or two about the music industry. Having been involved in
the industry since the age of 13, she's now involved in a variety of
music-related projects and is always keen to share industry tips 'n' tricks with
fellow musicians.

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