IFPI Global Music Report: Comments from Believe, AIM, Proper Music
21 March 2023 - Press releaseSilvia Montello, CEO of AIM, commented:
“There’s much to be optimistic about in this year’s report. We know from further analysis that the independent sector has played a key role in the growth in global recorded music revenues, now representing 35% of the market, and we can comfortably say that the state of independence is strong and ever-growing.
"All the same, this optimism is tempered by external economic pressures, compounded by the slowdown in streaming growth in mature markets. This reinforces the need to explore and champion better remuneration models, so that we can reverse the devaluation of digital music and bring revenues back into the streaming ecosystem so that true artistic talent and genuine fan engagement are rewarded.
"Key to ongoing success is growth opportunities in emerging territories, maximising the continued healthy vinyl sales trend, creative direct-to-fan focus and growing performance broadcast incomes.”
Drew Hill, MD of Proper Music Group and VP Distribution at Utopia Music, commented:
"It’s brilliant to see physical revenues rising for a second consecutive year, with growth of 4.0% contributing to a 17.5% share of the overall market. As music fans desire tangible products to connect with the artists they love, it’s another great example of physical music and streaming continuing to coexist and complement each other."
Alex Kennedy, MD of Believe UK, commented:
"We are encouraged to see continued revenue growth in the UK, the world’s third largest market, as well as ongoing streaming growth worldwide. It’s also heartening that further analysis reveals the Independent Labels and Artists share of the overall market continues to grow YoY and out-perform the wider market”
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