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Sub-Sahara Africa Music Revenues Grow 34.7%- IFPI Global Music Report

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The recorded music market in Sub-Saharan Africa (SSA) grew by 34.7% in 2022 according to IFPI, the organisation that represents the recorded music industry worldwide. Figures released today in IFPI’s Global Music Report confirm SSA to be the fastest-growing region in 2022. Growth was driven largely by a significant boost to revenues in SSA’s largest market, South Africa, which saw growth of 31.4%.

Commenting on developments in the region, IFPI’s SSA Regional Director Angela Ndambuki said: “It continues to be a very exciting time for music in Sub-Saharan Africa. In an incredibly nuanced market with lots of different cultures and music scenes, we can see how the proactive presence and investment of record companies here is driving the development of healthy music markets, creating opportunities for local artists and fostering local cultures. It’s particularly important that we continue to work with governments across the region to ensure we have the right policies in place for a thriving recording industry.”

The Global Music Report explores the work that record companies are doing to drive global growth and enhance and expand opportunities for artists around the world. It focuses on the important of having local teams and expertise on the ground in different music markets – people who understand how to support artists and cultures within their own country, and how to build their success globally.

Commenting on the release of the Global Music Report, IFPI Chief Executive Frances Moore, said: “This year’s report tells the continued story of record companies’ commitment to their core mission – working with artists to help them achieve their greatest creative and commercial potential over the course of a career. That requires an artist-label partnership that constantly evolves and innovates so that it can capitalise on opportunities in more business areas and more parts of the world.”

“Record companies’ investment and innovation has helped make music even more globally interconnected than ever, building out local teams around the world, and working with artists from a growing variety of music scenes. This is driving music’s development whilst enabling fans to seize the expanding opportunities to embrace and celebrate their own local artists and culture. However, as the opportunities for music continue to expand, so too do the areas in which record companies must work to ensure that the value of the music artists are creating is recognised and returned. This challenge is becoming increasingly complex as a greater number of actors seek to benefit from music whilst playing no part in investing in and developing it.” 

Growth in the other world regions:

Recorded music revenues grew in every region around the world in 2022:

Asia grew by 15.4% with its largest market, Japan, seeing growth of 5.4% whilst the second largest market, China, grew by more than 20% (28.4%), becoming a global top five market for the first time. In a continuing trend, Asia also accounted for almost half of global physical revenues (49.8%).

Australasia experienced growth of 8.1%, an increase on the prior year’s growth rate of +4.7%. Australia (+8.1%) remained a top 10 market globally and New Zealand saw a rise in streaming revenues push the overall market to growth of 8.0%.

Revenues in Europe, the second-largest recorded music region in the world, grew by 7.5%, with the region’s three biggest markets all posting gains: UK (+5.4%), Germany (+2.2%) and France (+7.7%).

Latin America saw gains of 25.9%, maintaining more than 10 years of regional increases. Every market in the region posted double-digit growth.

Middle East and North Africa – previously the fastest growing market in 2021, MENA had third highest growth rate in 2022, seeing increase of 23.8%, and representing the highest share for streaming of any region globally (95.5%).

The USA & Canada region – the world’s largest in revenue terms – grew by 5.0% in 2022; The world’s single biggest market, the USA, grew by 4.8% a – exceeding US$10 billion for the first time – and Canadian recorded music revenues increased by 8.1%.

Journalist/PR Practitioner who seeks to tell the African stories in an African way. Be it on Politics, Sports, Business, and Current News the story will be told. Twitter @kmajangah

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