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This question is about music industry statistics.
What are the latest trends in the music industry?
The latest trends in the music industry are that streaming is supreme and that independent artists are earning more revenue than they used to. Music streaming accounts for 65% of the global recorded music industry's revenue, which is up from the 61.9% it accounted for in 2020.
More specifically, subscription audio streams make up 47.3% of the total industry revenue, while ad-supported streams account for 17.7%. Globally, 523 million people have paid music streaming subscriptions in 2021, which is an increase of 80 million from 2020.
The other trend in the music industry is that independent artists are taking background from large record labels as far as revenue is concerned. This group of artists saw its total revenue grow by 34.1% from 2019 to 2020, which is a much larger rate than the industry's total revenue growth rate of 7% during this same time period.
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