(ANSA) - ROME, MARCH 21 - Eighth consecutive year of growth for the global recording market, which marks an increase of 9% in 2022 - with total revenues of 26.2 billion dollars - driven by the growth of paid streaming according to data from the Global Music Report by Ifpi (International Federation of the Phonographic Industry).
Revenues in Europe, the second largest market in the world, grew by 7.5%, while Italy achieved an excellent above-average performance with +11.1% and over 370 million euros in turnover.
In line with recent years, revenues are mainly driven by streaming (+17.7%).
The segment now represents 66.7% of the total revenues of the recording industry, driven by a +13.7% of subscriptions to streaming services compared to 2021. The number of premium audiences in Italy is now constantly higher than that on the free front, while growing the advertising-supported segment also increased by 36.2%, including revenues from social media such as Instagram, Facebook and TikTok.
The physical sector marks a general -2.2% but vinyls resist (+11.7%).
The balance of synchronizations was positive - which concerns the use of music in advertising, films, TV series - which stands at +26.5% with over 13 million in turnover.
As for exports, it was a year with growing revenues for the Italian recording industry, which in 2022 marks a +15% royalty revenue (physical market, digital, synchronizations and related rights), with over 22 million euros in 2022: it is an increase driven in particular by digital revenues (+12%).
According to the Ifpi Engaging with Music research, in 2022 Italian consumers spent over 20 hours a week listening to music: 70% listen to free and subscription audio streaming, while over half of young people between 16 and 24 use audio streaming services for a fee.
Great success of the Italian repertoire: in terms of certifications, 2022 closed with a total of 267 Albums, 2 Compilations and 325 Certified Singles, for a total of 594 titles.
Finally, the report also points out the positive effect of the Culture Bonus which in 2022 generated over 19 million euros for recorded music.