The global retail value of recorded-music sales will register a record year in 2022 with sales set to rise 9.8 per cent, to $41.4 billion (€39.7bn) from $37.7 billion in 2021, as per Omdia. Further growth is forecast over the next few years with the total ending 2026 at $50 billion. It is possible with the change in technology, music companies are becoming more innovative and trying to offer their best to customers. Remember those days when we used audio and video cassettes to listen or watch a movie. Today, with changing technology all these things have been replaced by CDs, DVDs, Blu-Ray disks etc. Subscriptions and advertising will be the big growth providers. Spending on subscriptions will jump 17 per cent this year, to $25 billion. By 2026, spending will total $33.6 billion and account for 67.1 per cent of global revenue. Income from digital music advertising will overtake spending on physical formats in 2024 and rise to $6.8 billion in 2026 as per advanced television. The continued shift from ownership of recorded-music to access means global retail sales will break annual records for the next few years and beyond. A report says, in 2020, the total revenue of the recorded music industry amounted to 23.1 billion dollars. Streaming made up 56 percent of this figure, bringing in 11.9 billion dollars globally.

Around the world, record companies are engaging at a very local level to support music cultures and bring on the development of emerging music ecosystems - championing local music and creating the opportunities for it to reach a global audience. According to industry body the IFPI, global recorded music revenues grew by 18.5% to $25.9bn. This compares to 7.4% growth in 2020, when the Covid-19 pandemic made its first (and hardest) impact on these revenues. Probably most pleasing for music companies is that emerging markets are starting to live up to their billing. Markets previously lost to piracy are really starting to shine. Omdia expects France t.