The music industry’s revenue grew by 7.4% in 2020, amid the COVID-19 pandemic, thanks to music aplenty by the likes of BTS, The Weeknd, Taylor Swift and more.
IFPI”s (International Federation of the Phonographic Industry which represents the recording industry worldwide) Global Music Report 2021 has revealed that the music industry in 2020 saw global revenue growth of 7.4% with an estimated tally of an impressive USD 21.6 billion. This is the highest figures since 2002. Due credit is to be given to artists like BTS, The Weeknd, Taylor Swift, Billie Eilish and Drake, who have helped boost the music industry revenue, especially amid the COVID-19 pandemic. It’s important to note that there was a decline of 4.7% in physical revenue and 10.1% decline in performance rights revenue.
While there was an 18.5% growth in paid streaming revenues, said streaming services contributed 62.1% of the global revenue, which is a massive USD 13.4 billion. There were 443 million users of paid music streaming subscription accounts while the Top 10 Music Markets in 2020 included the USA, Japan, the UK, Germany, France, South Korea, China, Canada, Australia and Netherlands. Asia, in particular, marked a growth of 9.5% in 2020 in comparison to the year prior, which was 3.9%. Thanks to the immense global popularity of K-pop, South Korea saw a tremendous growth of 44.8% while being crowned as the fastest-growing market in 2020.
The Weeknd’s Blinding Lights topped IFPI Global Top 10 Digital Single Chart 2020 with 2.7 billion global converted SSE while BTS’ Dynamite was at No. 10 with 1.28 billion global converted SSE. BTS further dominated the No. 1 position on both IFPI Global Top 10 Album All-Format and Sales Chart 2020 with Map of the Soul: 7. In the Album Sales Chart 2020, MOTS:7 sold 4.80 million global units. Moreover, BE found a spot at No. 2 on the Album Sales Chart 2020 as well with 2.69 million global units while securing No. 4 on the Album All-Format Chart 2020. Interestingly, the septet’s Japanese album Map of the Soul: 7 – The Journey took over the No. 8 position on the Album Sales Chart with 1.17 million global units. Taylor’s Folklore was No. 4 on the Album Sales Chart 2020 with 1.99 million global units while taking over the No. 9 rank on Album All-Format Chart 2020.
While Billie’s Bad Guy was at No. 9 on the Digital Single Chart 2020 with 1.36 billion global converted SSE, When We All Fall Asleep, Where Do We Go? landed on No. 3 in the Album All-Format Chart 2020. BLACKPINK’s first studio album BLACKPINK – The Album secured the No. 5 position on the Album Sales Chart 2020 with 1.51 million global units sold.
It was already revealed a while back that BTS had been crowned No. 1 on IFPI Top 10 Global Recording Artists of 2020 beating the likes of Swift, Drake, The Weeknd and Eilish.
BTS truly is lighting it up like it’s ‘dynamite’ and we’re really glad to witness it!
What do you have to say about BTS’ dominance over the music industry in 2020? How do you envision the septet’s 2021? Share your honest thoughts with Pinkvilla in the comments section below.
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