The German music market is doing wunderbar thanks to streaming.
Stefan Jaitner/picture alliance via GI. It grew 6.1% in 2022 over the previous year, to 2.07 billion Euros , according to the BVMI, the country’s recorded music trade organization. That’s the fourth consecutive year of growth for the market, as well as the first time in 20 years that the business – valued on retail revenue, including VAT – exceeded two billion Euros.
The CD is still much healthier here than in most other markets, accounting for a full 12.9% of revenue, which makes it the industry’s second most important product after streaming. Downloads, which never took off in Germany to the extent that they did in most other European markets, accounted for just 2.2%. Other digital revenue, including video streaming, added up to 4.8% of revenue.Within the physical market, vinyl still lags behind CDs, at an even 6%. That’s a significant difference from the U.S., where vinyl sales revenue long since surpassed that of CDs. As in the U.S.
“The fact that the German music industry has taken the 2 billion Euro mark for the first time in two decades is good news of far more than symbolic value,” said BVMI chairman and CEO Florian Drücke. “Looking at streaming, it will be exciting to see how the price increases we have seen recently from the first providers will now play out in the wider market and also how short form videos will be able to monetize even more.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Here’s how a San Antonio teacher with hearing loss shares his love of musicWhen a music director told Adam Chitta’s mother that her son shouldn’t pursue music...
Read more »
Market Veteran Jim Cramer's Latest Update May Be Key to Trading Safe, Here's How.jimcramer said the market may not see any real rally until rates stabilize
Read more »
Groups, Labels & Distributors, Publishing, Streaming ExecutivesHere are the music groups, labels and distributors, music publishing and streaming executives on Billboard’s 2023 BBWomenInMusic list.
Read more »
Softball: Madison’s Sophia Ytuarte named E-N Player of the WeekSophia Ytuarte, a senior pitcher and second baseman, drove in eight runs and recorded a...
Read more »
Mitsubishi Outlander most frequently targeted by catalytic converter thieves in San AntonioMitsubishi Outlander most frequently targeted by catalytic converters thieves in San Antonio
Read more »
Sui Network Leans Closer to Mainnet, 3 Crucial Network Stats to NoteSui Network recorded over 36 million transactions to show protocol capabilities
Read more »