Where the big money is in music
Africa was the world’s fastest growing regions in terms of music revenues last year where revenues grew almost 35 percent led by South Africa.
The Global Music Report 2023 shows that with a steep increase of 34.7 percent, Sub-Saharan Africa was the only region to see more than 30 percent growth, to become the fastest growing region for recorded music revenues in 2022.
Growth was boosted by a strong climb in revenues in South Africa, the region’s largest market (+31.4 percent versus a modest 2.4 percent growth the prior year).
Globally, four regions posted double-digit gains, outpacing the overall growth rate of 9.0 percent and Sub-Saharan Africa overtook Middle East and North Africa as the fastest growing area.
Read also: Inflation ta’ango; Janabi woyo
According to the report money was made mainly from streaming services that grew 10.3 percent globally, reaching $12.7 billion in 2022.
Physical format revenues including CDs and vinyl grew 4.0 percent to $4.6 billion in revenues, taking physical to a 17.5 percent share of the overall market
Revenues from performance rights – the use of recorded music by broadcasters and public revenues grew by 8.6 percent hitting$2.5 billion in 2022
Synchronisation – revenues from the use of recorded music in advertising, film, games and TV – maintained strong increases, posting another year of growth exceeding 20 percent and reaching $640.4 million.
As digital streaming grows rapidly the number of people downloading music is falling to just 3.6 percent of the overall market and was the only format category to experience decline in 2022. Revenues from permanent downloads fell by 19.6 percent to $644.4 million.
