Global recorded music revenues hit $25.9bn in 2021, the largest sum in history

The global recorded music industry saw its wholesale revenues increase by USD $4.0 billion in 2021 to $25.9 billion, according to IFPI. That sum is the largest in history, MBW reports. Also, that $4 billion year-on-year increase was much higher than in the previous years - YOY growth in 2020 was $1.5bn, and in 2019 it was $1.5bn. Annual paid-for streaming revenues bounced up by $2.2 billion to $12.3 billion last year. Revenues from physical formats – CD and vinyl combined – grew to $5.0 billion in 2021, up from $4.3 billion in 2020. Ad-funded streaming platforms or free streaming, including video services, generated $4.6 billion in 2021, up 31% year-on-year.