The music market has grown for the seventh year in a roll, this time by a factor of +18.5%. The total revenue generated in 2021 was 25.9 Billion USD, up from 21.6 Billion USD in the previous year.
According to BAMP (Bulgarian Association of Music Producers), the development in our country is similar, as the total revenue for 2021 has increased by + 18.6% compared to 2020. The industry has made for 10.3 Million USD of Bulgaria’s GDP.
Internationally, there is a + 16.1% increase in global physical music revenues, in contrast to 2020, when the same sales fell by -4.7%. We continue to witness the clear positive development of paid streaming, which now forms close to 2/3 of the global revenue in the industry.
The list of the top ten music markets remains almost unchanged, with the United States in first place and Italy overcoming the Netherlands for the tenth place.
Traditionally, the report includes three major charts - Global Artist, Global Digital Single and Global Album All Formats. In 2021, the last category acquired the subcategory of Global Vinyl Album - an innovation that took place due to the increased interest in vinyl records. The names of the three big winners were announced in early March, when South Korean boy band BTS and Canadian singer The Weeknd received the prestigious awards - Global Artist and Global Digital Single respectively, both for the second year in a roll. The long-awaited title by Adele 30 clinched Global Album All Formats, Global Album Sales, and Global Vinyl Album.
According to IFPI’s CEO Frances Moore, today's music market is the most competitive and is growing with about 60,000 songs uploaded to one platform per day.
This direction of development is the main precursor to the great changes and high results that we encounter each day. Reaffirming its strength and importance the music industry is growing rapidly which is one of the primary reasons why we act ever more responsibly when it comes to the events in the creative field.