The global record industry grew by $1.5bn in 2020 despite the pandemic

As reported in Music Business Worldwide Midia Research has today published its estimate of what the global recorded music industry – including majors, indies, and DIY artists – generated across the course of 2020 in wholesale/trade revenues.

Midia’s figures suggest that the recorded music business saw revenues of $23.1 billion in the year. That was up 7% on 2019, and represented a $1.5 billion monetary increase year-on-year.

It would take a hard-hearted industry commentator to complain about any growth in 2020, but that $1.5 billion / +7% annual uplift, notes Midia, was smaller than the $2.1 billion growth seen in 2019 (+11% YoY).

Midia notes: “Although the [worldwide] recorded music business experienced a dip in the earlier months of the pandemic, the remainder of the year saw industry revenue rebound.”

That rebound, notes Midia, saw the global recorded music business’s quarterly revenues bounce up 15% YoY in Q4 2020, “suggesting a strong 2021 may lie ahead if that momentum continues”.

Good news for the Music industry whose future in 2021 is, hopefully, looking even brighter.