Live music may have been shuttered for most of 2020, but recorded music did quite well despite the pandemic. Reflecting positive news in the US in the recent RIAA report, Midia Research has published their report about recorded music in 2020 that shows how well the industry did globally. Midia’s figures say that the recorded music business pulled in revenues of $23.1 billion in 2020. That was up 7% from 2019 and represented a $1.5 billion increase year-on-year from 2019.
Midia does note that this is a smaller increase then what was seen in 2018 and 2019, when revenues grew by 11% each year, notably by $2.1 billion in 2019. Global revenue was down 3% in Q2 2020 compared to one year earlier as the pandemic struck, but up to 15% growth in Q4 2020.
Streaming is the dominant force worldwide. Streaming revenues reached $14.2 billion, up 19.6% from 2019, adding $2.3 billion, up from the $2.2 billion added in 2019.
The major record labels saw collective market share fall from 66.5% in 2019 to 65.5% in 2020, which isn’t much, but it is something. Universal Music Group remained the largest worldwide with 29.2% market share. Independent artists and labels increased their combined streaming market share to 31.5%.
Now would be a good time for those labels who made extra money to make sure their artists are doing ok financially and aren’t on the brink of homelessness or leaving the business.