Global music-industry revenues grew 7.4% to $21.6b in 2020, according to the IFPI’s Global Music Report. Driven by subscription streaming, this is the sixth consecutive year of growth.

Paid-subscription streaming revenue increased 18.5% to $13.4b or 62.1% of total global recorded-music revenues (subscriptions counted for 46%; ad-supported revenue amounted to 16.2%). The U.S. and Canada rose 7.4%.

Global subscription users have now hit 443m, the IFPI reports.

Physical revenues declined 4.7% to $4.2b, downloads and other digital revenue dropped 15.7%, performance-rights income declined by 10.1% as a result of the pandemic and income from synchs was down 9.4%.

Latin America was the fastest-growing region thanks to streaming expansion of 30.2% (streaming now represents 84.1% of the region’s total revenues)—the market is up 15.9%, currently accounting for a 3.6% share of the global music market.

Asia grew 9.5%, despite Japan's recording a 2.1% fall in revenues, with digital income surpassing a 50% share of the total for the first time. Africa and the Middle East grew 8.4% courtesy of a 36.4% rise in streaming income, while Europe is up 3.5% and Australasia 3.3%.

Speaking at an online press conference today, IFPI Chief Exec Frances Moore said: “The work and investment from record companies in previous years has really helped lay the foundation for what is a predominantly digital industry that proved its resilience against the extraordinary circumstances we faced in 2020.”

Find the full report here.