2.10 Current state of the music industry

Music industry status and trends

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.