Canadian Musician - May-June 2022 - Page 14

CHANGES canadianmusician . com / news

MORE
IFPI Report : Canada ’ s Music Market Grew Nearly 13 % in 2021 ; Global Market Grew 18 %
The IFPI has released the Global Music Report 2022 , its comprehensive annual review of the global recorded music market . The report provides the official data on recorded music revenues worldwide , as well as insight and analysis on industry trends and developments .
Globally , the recorded music market grew by 18.5 % in 2021 , driven by a 21.9 % increase in paid subscription streaming , and supported by a 16.1 % gain in physical formats and a 4 % gain in performance rights revenue . Total global revenues for 2021 were US $ 25.9 billion . Recorded music revenues grew in every region around the world in 2021 .
Canada ’ s music market grew by 12.6 % in 2021 , to a total of US $ 583.6 million , making it the eighth largest music market in the world . Canada ’ s growth was driven by an 18 % increase in streaming , which includes a 15.6 % increase in paid subscription streaming , and 29.1 % and 28.2 % gains in ad-supported audio streaming and ad-supported video streaming , respectively . Physical format revenue increased by 11.4 % in 2021 , to a total of US $ 66.3 million , the seventh highest ranking in the world .
The report says that there were 523 million users of paid subscription accounts at the end of 2021 , and approximately 60,000 songs uploaded every single day to Spotify alone .
A report summary is available at www . ifpi . org .
SOCAN Estimates It Collected a Recording-Setting $ 416M in 2021
PHOTO : PD ON PIXNIO
Despite the challenges of 2021 , for the first time in its history SOCAN ’ s total annual collections for licensed music are expected to exceed $ 416 million , which is a 3 % increase over the previous record of $ 405.6 million set in fiscal year 2019 . These figures are based on the PRO ’ s current estimates and SOCAN will release its final figures during its online annual general meeting in June 2022 .
When compared with 2020 collections of $ 391million , the company attributed most of the $ 25 million year-over-year growth to $ 135 million collected for the use of music on digital platforms – an increase of $ 32 million over 2020 . This more than offset the pandemic-driven downward pressure on general licensing ( primarily background music used in public spaces ) and concerts ( music performed live ), having decreased 70 % from pre-pandemic levels .
Despite the continuing positive growth in digital music licensing and the popularity of online streaming services , a SOCAN writer member who earned royalties in 2021 earned an average of only $ 67.14 from domestic digital sources for the entire year . Revenue from international sources continued to show strength at the historically high mark of $ 106.1 million . SOCAN also welcomed
6,743 new members in 2021 and says 273,646 songs and compositions were registered with the PRO last year .
Along with the continuing popularity of music delivered digitally , SOCAN ’ s growth in reproduction rights , completing various agreements with several major platforms , the addition of the audio-visual broadcast mechanical right , plus the probable passage of the federal government ’ s Online Streaming Act all bode well for a continuation of positive results for Canada ’ s music creators , publishers , and visual artists , SOCAN says .
For more information , contact SOCAN : 416-445-8700 , www . socan . com .
14 CANADIAN MUSICIAN