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Subscription economy drives music to new highs in 2021
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The global recorded music market grew by 18.5% in 2021, driven by growth in paid subscription streaming, with paid subscription streaming revenues increasing by 21.9% $12.3 billion.

That’s according to according to IFPI, the organisation that represents the recorded music industry worldwide, which says there were 523 million users of paid subscription accounts at the end of 2021.

Total streaming (including both paid subscription and advertising-supported) grew by 24.3% to reach US$16.9 billion, or 65.0% of total global recorded music revenues. In addition to streaming revenues, growth was supported by gains in other areas, including physical formats (+16.1%) and performance rights (+4.0%).

Record companies are working to drive this continuing growth for the broader music ecosystem.  With local teams and expertise around the globe, they invest in local artists and genres and support their development. In high-potential growth markets across Asia, Latin America and Africa, as well as more mature markets, like Europe and North America, labels are putting down deep roots and helping to foster the continued advancement of vibrant and diverse local music ecosystems.

IFPI Chief Executive Frances Moore said: “Around the world, record companies are engaging at a very local level, to support music cultures and bring on the development of emerging music ecosystems – championing local music and creating the opportunities for it to reach a global audience. As more markets mature, they join with and contribute to the rich, globally interconnected music world.

“Consequently, today’s music market is the most competitive in memory. Fans are enjoying more music than ever and in so many different and new ways.  This creates enormous opportunities for artists. Those who choose to partner with a record company, do so to benefit from the support of agile, highly responsive global teams of experts dedicated to helping them achieve creative and commercial success and build their long-term careers.

“As technologies and the online environment continue to evolve and expand, so too do the creative opportunities to share music experiences. From the metaverse, to in-game content, record companies have invested in the people and the technologies to deliver new, highly interactive experiences – adding to the evolving ways for artists to make connections with their fans.”

Growth in the world’s other regions:

Recorded music revenues grew in every region around the world in 2021:

  • Asia grew by 16.1%, with its largest market, Japan, seeing growth of 9.3%. Excluding Japan the region experienced a 24.6% climb in revenues. In a continuing trend, Asia also accounted for a significant share of the global physical revenues (49.6%).
  • Australasia experienced growth of 4.1%. Australia (+3.4%) remained a top 10 market globally and New Zealand saw a rise in streaming revenues push the overall market to growth of 8.2%.
  • Revenues in Europe, the second-largest recorded music region in the world, grew by 15.4%, a steep increase on the prior year’s growth rate of 3.2%. The region’s biggest markets all saw double digit percentage growth: UK (+13.2%), Germany (+12.6%) and France (+11.8%).
  • Latin America saw growth of 31.2% – one of the highest growth rates globally. Streaming accounted for 85.9% of the market, one of the highest proportions in any region.
  • Middle East and North Africa – split out as a separate region in the Global Music Report for the first time – experienced growth of 35.0%; the fastest regional growth rate globally. Streaming was a particularly strong driver in the region, with a 95.3% share of the market.
  • Sub-Saharan Africa – also split out for the first time in IFPI’s reporting – saw revenue growth of 9.6% in 2021, largely driven by streaming. Ad-supported was particularly strong in this region, with revenues from this format growing by 56.4%.
  • The USA & Canada region grew by 22.0% in 2021, outpacing the global growth rate. The USA market alone grew by 22.6% and Canadian recorded music revenues grew by 12.6%.

Download the free Global Music Report 2022 – State of the Industry report (English language) here.

What modern marketing can learn from the entertainment industry
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By Glenn Gillis, CEO of Sea Monster

People don’t go to the cinema for the previews, and they don’t watch their favorite show just for the ads. Why then, do marketers expect them to watch an ad before watching their favorite Youtuber or engage with a shampoo brand in the middle of their Instagram feed of selfies and vacation pictures? Why should they be forced to sit through advertising just so they can continue playing their mobile game for free?

Traditional advertising forces a message on the individual by interrupting the thing that they actually came there for. Marketers would simply buy media space, smack in the middle of people’s favourite TV show, magazine, newspaper, or news and shout their sales pitch to passive consumers who had no choice but to wait until it’s over.

But thanks to digitalisation, consumers no longer have to watch, listen or read an ad, and they’re not. They’re tuning out and skipping past. To combat this, marketers need to start considering the kinds of experiences people are trying to skip past the ads, to get to.

Be it videos, magazines, or games, marketers need to look at what people are engaging with and determine how to give it to them, harnessing the power of voluntary engagement. A good starting point is moving beyond the mindset of ‘what’s in it for us? What actionable item are we trying to achieve?’, and think more about ‘what’s in it for them? What does the customer need in order to have their attention captured?’

The entertainment industry understands this idea of capturing and holding your attention- it’s the ability to hit “next episode” on Netflix to keep watching a series marathon. It’s also the reason why the Superbowl half-time show is a multi-million dollar production. An engaged audience is the best audience for entertainers and marketers alike.

Marketing content should be relevant and applicable to what the consumer is interested in. Take sponsored Youtube content for example. In a video on DIY interior design, a sponsored message for a relevant product integrated into the video itself adds value to the viewer’s experience, as it’s directly related to what they came here to see. This is far more valuable to the viewer, and is more engaging than the same product being tacked on as an ad at the beginning of the video.

Getting even more creative, brands should experiment with developing games that deliver marketing messages. For the production and placement cost of one 30-second ad, brands can deliver hours of engaging, educational content that drives brand value. And critically this engagement is voluntary, creating a much higher value relationship.

As marketing messages compete in increasingly congested and expensive channels, what we know is that voluntary engagement is key– whether it’s the choice of what show to watch on which streaming platform, or people opting out of certain digital content because of the barrage of ads and other interruptions. People are no longer captive to marketing content, their time and attention matters to them, and brands should use that time wisely.

Glenn Gillis is the co-founder and CEO of Sea Monster, a leading animation, gaming and augmented-reality company. Sea Monster utilises games to increase engagement, improve learning, and strengthen the impact of learning outcomes for corporations across Europe and Africa. 

28% of media consumption will be by mobile internet in 2020
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24% of all media consumption across the world will be by mobile internet this year, with figures suggesting that by 2020 this number will increase to 28%, according to new data published in Zenith’s Media Consumption Forecasts 2018.

The figures show a dramatic increase in media consumption by mobile across the world, which was just 5% back in 2011, with mobile eroding the consumption of nearly all other media, including newspapers and magazines.

The report reveals that time spent reading traditional print media such as newspapers has fallen by over 45%, and 56% for magazines. However, those that have adapted to online have gained from what was lost in print readership.

The rise of mobile has directly influenced the way that brands now plan communications, focussing less on channels and more on consumer mind-set and behaviour.

TV and radio are also losing the battle against the rise of mobile, although not as dramatically as traditional print media, with the average time spent watching TV shrinking by 3% between 2011 and 2018, along with time spent listening to radio down by 8%.

Brands can now take advantage of the various boundaries that mobile offers through different channels, entertainment, news, information, research, communication and socialising building awareness with the ability of creating direct responses and one-to one communication.

Zenith says the rapid expansion of mobile internet use has increased the amount of time the average individual spends consuming media, by giving people access to essentially unlimited content almost everywhere, and at any time of the day. We estimate that the average person will spend 479 minutes a day consuming media this year, 12% more than in 2011. Zenith forecasts the total to reach 492 minutes a day in 2020.

“Under traditional definitions, all other media are losing out to the mobile internet,” said Jonathan Barnard, Zenith’s head of forecasting and director of global Intelligence. “But the truth is that the distinctions between media are becoming less important, and mobile technology offers publishers and brands more opportunities to reach consumers than ever.”

“Mobile technology is challenging brands to rethink how they communicate with consumers,” said Vittorio Bonori, Zenith’s global brand president. “Brands need to understand both the consumer’s mind-set and where they sit on the consumer journey, to determine how to communicate with them. By using data, ad tech and now artificial intelligence, brands can co-ordinate their communications across media and mind-sets to move them along the consumer journey most effectively.”