102 Million sign up for paid streaming in 2020

A staggering 102 Million people signed up for paid music streaming in 2020 which contributed to the biggest global net revenue figure since 2002 a report has revealed. The International Federation of the Phonographic Industry’s global report disclosed that major streaming platforms now account for a massive 62.1% of global music revenue. A far cry from the music landscape of 2002 when Cds were the main earner and retail outlets still ruled. The global revenue figure increased by 7.4% from 2019 and showed that behaviours were heading even more towards streaming than download. BTS had the biggest selling album which helped to fuel a steeply growing Asian music market. For the first time since 1987 the Uk revenue from Vinyl was more than Cds.

The figures which were affected by lockdown trends and are a boost to the music industry, however not everyone has seen the benefit amid ongoing rumblings about streaming payments to artists and many in the music industry complaining about new artists struggling financially.