India Moves Up Global Music Market Rankings
9 th Apr 2013
Emerging markets from across the globe have posted a good market growth in 2012 to fuel the industry ’ s recovery . Amongst them , India has been one of the countries where revenues reached an all time high by posting a growth of 42 per cent since 2008 and moving up the global music market rankings , according to the Recording Industry in Numbers 2013 annual report by the International Federation of the Phonographic Industry ( IFPI ). US remained the world ' s largest music market , while digital sales success in Sweden has made it the world ' s 12th largest music market , up two places from 2011 . The report states that emerging markets are helping fuel the industry ' s recovery . India posted the largest market growth since 2008 with 42 per cent , followed by Brazil with 24 per cent and Mexico at 17 per cent . In 2012 , revenues in India reached an all-time high while Latin America was the fastest growing region of the year . Overall , the global recorded music trade revenues increased by 0.2 per cent in 2012 , the first year of growth since 1999 . All the revenue streams tracked by IFPI including physical , digital , performance rights and synchronization revenues , with the exception of physical sales , increased in 2012 . A total of 22 countries saw market growth in 2012 , including nine of the top 20 markets . IFPI CEO Frances Moore said , “ Recording Industry in Numbers reveals the sheer diversity of the modern music business . Notable highlights in this year ' s edition are the increasing role of subscription services and the growing importance of emerging markets in driving the industry ' s recovery .” Digital channels now account for 35 per cent of the overall industry trade revenues , while physical sales now represent 57 per cent of the record companies ' income . Downloads remained the biggest source of digital revenues , with a combined unit sales of track and album downloads up by 11 per cent in 2012 .
According to the report , music subscription services are now witnessing rapid growth . Music subscription and ad-supported streaming services now account for 20 per cent of digital revenues globally , up from 14 per cent in 2011 . Subscription and ad-supported revenues combined now account for around 31 per cent of all digital music revenues in Europe . Albums also continued to hold their appeal , accounting for 56 per cent of recorded music sales value . Digital album downloads grew faster than singles and vinyl sales hit their highest point since 1997 . As per the report , consumer usage on streaming services showed that the album format remains very relevant . Many of the year ' s best-selling albums generated a large streaming volume across all tracks included on the album . Sources of music licensing income are also on the rise . Performance rights revenues from broadcasts and public performances were the fastest growing sector in the recording industry in 2012 , accounting for six per cent of recorded music revenues . Revenues grew by 9.4 per cent globally , to $ 943 million . Income from synchronization deals like music used in TV adverts , films and brand partnerships also increased significantly . They grew by 2.1 per cent to $ 337mn in 2012 . The report provided a comprehensive picture of the key trends in today ' s global music business , with in-depth statistics and analysis covering 49 markets worldwide .
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