Record Industry Had A Huge Year In 2020

The recorded-music business saw revenues of $23.1 billion in 2020.

That's up seven percent and represents a $1.5 billion monetary increase year-on-year.

Global annual recorded-music streaming revenues grew faster in 2020, $2.3 billion (+19.6 percent) to $14.2 billion in 2020. Universal and Sony‘s recorded-music operations both saw annual growth, with Warner‘s suggesting that the three major music companies lost a little global market share.

“The recordings business managed to deliver a strong performance due solely to the growth of streaming. Streaming has been the engine room since the recorded-music business returned to growth, but the fall in performance and sync revenues due to the pandemic highlighted just how overly dependent the global music business has become on streaming." Midia’s MD, Mark Mulligan, said.

Photos by Getty Images

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