A new study from the International Federation of Phonographic Industry has revealed many interesting facts about the music industry as it stands in 2021. The study, “Engaging with Music 2021” examines the tastes and habits of 43,000 listeners aged 16-64, across 21 Westernized countries. Together these 21 countries make up 91% of total recorded global market revenues. The study also includes addendums featuring China, Russia, and India. It is the largest study of its kind.
Across these 21 countries, music listening with up .4 hours per week from 18 hours in 2019 to 18.4 hours in 2020. Music streaming subscriptions rose by 51%. The main form of consumption is now streaming services and short video apps like TikTok. A lot of this can also be attributed to the investment driven from record labels.
IFPI Executive Frances Moore states – “Fuelled by record labels’ investment, the incredible abundance and growth of music licensed to streaming services is driving this engagement… In addition, music has provided fans with comfort and healing through these challenging times.”
Well Being
80% claimed music helped with their emotional well being during pandemic. The younger those were, the more their emotional state was tied to music. When it comes to listening to the radio, it tends to skew toward the older age groups, as one might expect.
Vinyl Advantage
One of the most interesting facts is that individuals who purchased vinyl were by far the most highly engaged music listeners across all formats including newer experiences such as live streaming (20% more hours than the non-vinyl user).
Ruh Roh
While unlicensed ripping was supposedly down 30%. Since this is a voluntary survey, there is no way to know if this number is real. People may not admit to breaking the law.
Emerging Markets
China, Russia and India each given own section, since their markets differ from the rest of the western world. China listens to more music according to study. 22.9 hours a week up from 17.9 hours. A larger jump than in america. India similar 21.8 hours per week. Russia jumped from 2.4 hours per week to 18.9. The most significant jump in the world.
The state of music is certainly a fascinating subject. You can find all the data and graphics from ‘Engaging with Music 2021’ here if you would like to read it from the source.
