IFPI, which unveiled its new report at a press conference in London today, cites paid subscription streaming as a key driver behind the 18.5% growth, with paid subscription streaming revenues having increased by 21.9% YoY to $12.3 billion in 2021. There were 523 million users of paid subscription accounts at the end of 2021.
Source: Global recorded music revenues hit $25.9bn in 2021, up 18.5% YoY