Germany’s recorded music business generated $2.17 billion in 2022, up 6.1% year-on-year
The figures for Germany’s record business are in.
Brought in music revenue in market generated from music streaming, as well as sales of CDs, vinyl LPs and downloads achieved $2.17 billion (on a retail basis) in 2022.
That’s according to new figures released by the German Music Industry Association (BVMI) on Tuesday (February 28), and marks the third consecutive $2 billion year for the market’s record business.
The record industry in Germany generated a total of 2.07 billion euros (2.17 billion dollars) in 2022, which was mainly driven by music streaming.
This 2.07 billion euros turnover in 2022 marked a growth of 6.1% YoY.
The BVMI notes that last year’s drop in sales is the first time in 20 years that the two trillion Euro Revenues from audio recordings in Germany exceeded.
According to the BVMI, this was last achieved on the market in 2002, when the recorded music business in Germany generated 2.21 billion euros.
However, unlike 20 years ago, the majority of revenue (73.3%) in the market today comes from audio streaming. BVMI reports that audio streaming in Germany grew 14% yoy in 2022.
Elsewhere, physical music revenues, including sales of vinyl and CD, accounted for 19.7% of the market.
Despite a 17.1% year-on-year decline, CD was the second largest source of revenue in Germany with a 12.9% market share in 2022.
As in the previous year, vinyl took third place with a share of 6% in the recorded music market in Germany.
However, vinyl’s 5.1% gain over the past year was significantly lower than the year-ago growth, when the format had grown 20.1% year over year.
Overall, the digital business grew by 11.7% in 2022, while the overall physical market declined by 11.9%.
“The fact that the German music industry has [reached] The €2 billion mark for the first time in two decades is good news.”
dr Florian Drucke, BVMI
Commenting on the results, Dr. Florian Drücke, CEO of the BVMI: “[Growth] of 6.1% [in 2022] means growth for the fourth year in a row. The German music industry has that [reached] The €2 billion mark for the first time in two decades is good news.
“Looking forward to streaming, it will be exciting to see how the price hikes we’ve seen recently from early providers will now translate to the broader market and also how short-form videos can monetize even more.”music business worldwide
https://www.musicbusinessworldwide.com/germanys-recorded-music-business-generated-2-17bn-in-2022-up-6-1/ Germany’s recorded music business generated $2.17 billion in 2022, up 6.1% year-on-year