The global music industry continues to grow rapidly, by the end of 2022, subscription audio streaming revenue increased by 10.3% to US$12.7 billion, and paid subscription users reached 589 million. Total streaming revenue (including paid subscriptions and ad-supported) increased 11.5% to $17.5 billion, accounting for 67.0% of total global recorded music revenue.
Other segment growth: physical revenue remained resilient (+4.0%); performance rights revenue increased 8.6%, returning to pre-COVID-19 pandemic levels.
In the new entertainment era, the global music industry has maintained good growth, with Africa and South America both achieving a growth rate of more than a quarter. Among them, Asia grew by 15.4%, with Japan, the largest market, growing by 5.4%; China, the second largest market, grew by 28.4%, becoming the top five music markets in the world for the first time. Asia accounts for nearly half (49.8%) of global physical music revenue.
