International Federation of the Phonographic Industry‘s 2020 report, streaming platforms such as Boomplay, Apple Music, Spotify, and Audiomack played huge roles in the growth of music revenue in the world, especially in Africa.
The report stated that in the recorded music industry, streaming platforms alone accounted for 62.1% of global music revenue, while revenue from performance rights took a major hit due to the COVID-19 pandemic. This led to the cancellation and indefinite postponement of events and concerts across the globe.
Total global music revenue in 2020 stands at US$21.6 billion. An 8.4% increase was observed in Africa’s music revenue. The global music revenue increase was pegged at 7.4% for the sixth consecutive year of growth.
According to Angela Ndambuki, Regional Director, IFPI Sub-Saharan Africa “We are encouraged that the world is embracing music from Africa as seen in the rising nominations and recognition into major global music awards witnessed recently. The fact that this year’s report has for the first time featured Africa and the Middle East Region is testament to the increasing opportunities that have been accentuated by the recent launch of major streaming platforms and we are excited to see the growth in the coming years.”