589 million users of paid subscription accounts globally in 2022
There were 589 million users of paid subscription accounts at the end of 2022, according to IFPI, the organization that represents the recorded music industry worldwide, MBW reports. This means that 7% of the world's population has a paid music subscription account. Global recorded music revenues grew 9% year over year in 2022, to reach $26.2 billion, IFPI's also noted in their Global Music Report 2023. Streaming continues to be the driving force behind the overall growth. Subscription audio streaming revenues increased by 10.3% year over year to $12.7 billion in 2022, with total streaming - including both paid subscription and advertising-supported - grew by 11.5% YoY to reach $17.5 billion in 2022, and accounted for 67% of total global recorded music revenues. Last year marked the global music market’s eighth consecutive year of growth.