According to a recent worldwide music assessment, African music is poised to take over the world, led by Afrobeats from West Africa and Amapiano from South Africa.
Additionally, the survey claims that Kenyan music as well as the entire East Africa region’s music earnings and reach are on a trajectory route, an indication that the sector has a bright future. This is not just limited to Amapiano and Afro-beats.
In 2022, the global recorded music market expanded by 9%, driven by an increase in paid subscription streaming.
Sub-Saharan Africa surpassed every other region in the globe in terms of revenue growth for recorded music last year, according to IFPI, the organisation that represents the recorded music business globally. According to the research, the region saw growth of more than 30% (34.7%), which was mostly attributed to a considerable increase in South Africa’s revenues, the country’s largest market.
“It continues to be a very exciting time for music in Sub-Saharan Africa. In an incredibly nuanced market with lots of different cultures and music scenes, we can see how the proactive presence and investment of record companies here is driving the development of healthy music markets, creating opportunities for local artists and fostering local cultures. It’s imperative that we continue to work with governments across the region to ensure we have the right policies in place for a thriving recording industry,” says Angela Ndambuki, the IFPI Regional Director, Sub-Saharan Africa.
According to data from the IFPI’s Global Music Report, trade revenues overall were $26.2 billion in 2022.
By the end of 2022, there were 589 million users with paid membership accounts, and subscription audio streaming revenues climbed by 10.3% to US$12.7 billion.
Total streaming revenues, which include both paid subscription and advertising-supported services, increased by 11.5% to reach US$17.5 billion, or 67.0% of all recorded music sales worldwide. Other categories also saw growth, with physical revenue holding steady (+4.0%), performance rights revenue rising by 8.6% and reaching pre-pandemic levels, and synchronisation income increasing by 22.3%.
Frances Moore, the chief executive of the International Federation of the Phonographic Industry, commented on the publication of the Global Music Report, saying that it “tells the continued story of record companies’ commitment to their core mission — working with artists to help them achieve their greatest creative and commercial potential over the course of a career. This calls for an artist-label cooperation that continuously develops and innovates in order to take advantage of opportunities in more commercial sectors.d society.
“Investment and creativity by record labels have increased the global connectivity of music by establishing local teams abroad and collaborating with musicians from an expanding number of musical scenes. This is promoting the growth of music while allowing fans to take advantage of the growing chances to support and celebrate their own local artists and culture.
“However, as the opportunities for music continue to expand, so too do the areas in which record companies must work to ensure that the value of the music artists is recognised. This challenge is becoming increasingly complex as a greater number of actors seek to benefit from music whilst playing no part in investing in and developing it.”
Asia expanded by 15.4%, with its largest market, Japan, growing by 5.4% and its second-largest market, China, growing by more than 20% and breaking into the top five worldwide markets for the first time. Asia continued its recent trend, accounting for 49.8% of the world’s physical revenues.
Revenues in Europe, the second-largest recorded music region in the world, climbed by 7.5 percent, with the region’s three main markets—the UK, Germany, and France—all showing gains. Australasia saw growth of 8.1%, up from the growth rate of the previous year. Gains of 25.9% were recorded in Latin America, continuing more than ten years of regional growth. The region’s markets all experienced double-digit growth.
The Middle East and North Africa, which had previously seen the quickest growth, now saw the third-highest growth rate in 2022, with the largest revenue-generating region in the world—the United States and Canada—growing by 5%. The USA, the single-largest market in the world, increased by 4.8% and surpassed US$10 billion for the first time.
With more than 8,000 member record companies worldwide, IFPI is the voice of the recording industry globally.
