The global recorded music market grew by 7.4% in 2020, the sixth consecutive year of growth, according to IFPI, the organization that represents the recorded music industry worldwide. Figures released today in IFPI’s Global Music Report show total revenues for 2020 were US$21.6 billion. Growth was driven by streaming, especially by paid subscription streaming revenues, which increased by 18.5%. There were 443 million users of paid subscription accounts at the end of 2020. Total streaming (including both paid subscription and advertising-supported) grew 19.9% and reached $13.4 billion, or 62.1% of total global recorded music revenues. The growth in streaming revenues more than offset the decline in other formats’ revenues, including physical revenues which declined 4.7%; and revenues from performance rights which declined 10.1% – largely as a result of the COVID-19 pandemic. As we have seen, the music market has a huge economic potential on a global scale, then I want to use 40,000 of data in Spotify to analysis people’s average hobbies and build a simple persona.
Global music city: knowledge and geographical proximity in London's recorded music industry
