Taylor Swift’s record sales in 2020 still high.
By Marie-Louise Gumuchian, Reuters | LONDON (Reuters) – Turn on, tune in and stay at home. That’s what millions of music fans did in 2020, with a rise in subscription streaming leading global recorded music revenue growth of 7.4%.
The market reported total revenues of $21.6 billion, marking its sixth consecutive year of growth, industry trade body the IFPI said in its Global Music Report on Tuesday.
The year’s top five best-selling artists were K-pop stars BTS, songstress Taylor Swift, rapper Drake, singer The Weeknd and teen sensation Billie Eilish.
“As the world contends with the COVID-19 pandemic, we are reminded of the enduring power of music to console, heal and lift our spirits,” IFPI Chief Executive Frances Moore said.
Total streaming, including both paid subscription and advertising-supported, rose 19.9% to $13.4 billion, accounting for 62.1% of total global recorded music revenues, IFPI said.
Paid subscription streaming revenues rose by 18.5% and there were 443 million users of paid subscription accounts at the end of 2020, the IFPI said.
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Reporting by Marie-Louise Gumuchian; Editing by Alexander Smith
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