Music industry revenues rose a tenth last year — overtaking cinema’s pre-pandemic sales peak — on the back of booming streaming platforms and the renaissance in vinyl records.
Annual revenues from copyrighted music were $45.5bn last year, up a quarter since 2021 and double the 2014 figure, according to a report based on data from trade bodies. It compares with cinema box office spending of $33.2bn last year and $41.9bn in 2019, according to media consultancy Omdia.
“Make no mistake: it’s boom time,” said Will Page, the report’s author, a former chief economist at music streaming platform Spotify and a fellow of the London School of Economics.
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