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.
source http:// www. radioandmusic. com / content / editorial / news / indiamoves-global-music-market-rankings-report
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