After rising to sixth place in 2016, Canada dropped slightly to seventh in 2017 in the rankings of largest recorded music markets in the world. Revenues from subscription streaming services continue to grow, with its trade value in Canada increasing from $95.34 million in 2016 to $160.9 million in 2017 (all figures in USD). Ad-supported streaming, on the other hand, declined slightly last year, dropping from $16.59 million in 2016 to $16.24 million in 2017. Video streaming equaled $23.32 million in trade value in 2017, which is up from $21.56 in 2016. Put together, the total value for all streaming rose more than 65 per cent in Canada, up to $200.4 million in 2017 compared to $135.5 million in 2016. That is greater than the global average growth in combined streaming revenue of 41.1 per cent.
“I’m encouraged by the consecutive years of growth we’re witnessing. But as streaming continues its rise, it’s more important than ever that this business model supports the people making the music,” says Music Canada President and CEO Graham Henderson.Looking globally, there are now more than 176 million users of paid subscription streaming accounts. This contributed to an 8.1 per cent growth in the global recorded music market. Worldwide, total revenues in 2017 were $17.3 billion. As a sign of how much ground there still is to make up, IFPI says that despite three years of consecutive global revenue growth in the recorded music industry, 2017 revenues were still just 68.4 per cent of what they were at the industry’s peak in 1999. Staying consistent with trends in recent years, music sales (as opposed to subscriptions) continued to decline, with digital downloads taking a particularly steep dive. Digital download revenue declined globally by 20.5 per cent, while physical sales revenue was down 5.4 per cent.
In terms of size, the top 10 music markets in the world in 2017 were: 1) United States, 2) Japan, 3) Germany, 4) United Kingdom, 5) France, 6) South Korea, 7) Canada, 8) Australia, 9) Brazil, and 10) China.
To read the report, go to www.ifpi.org.