Global music industry sales in 2020 were tallied at $21 billion, the highest since the 2002 survey, and about 23.8 trillion won. According to a BBC report, which cited IFPI’s data, which surveys and publishes the volume of music industry sales every year, sales in the music industry in 2020, which was expected to shrink due to COVID 19, rose 7.4 percent from the previous year. However, the survey does not include sales in the live performance sector hit hardest by COVID 19.
Such sales growth was primarily attributed to BTS, which released the world’s highest-selling album “Map Of The Soul: 7” last year, and The Weeknd set the record for Billboard with the single “Blinding Lights.” Also, prominent artists such as Billie Eilish, Taylor Swift, and Drake helped. Harry Styles, Post Malone, Tones and I, and Roddy Ricch were also on the list.
On the other hand, streaming platforms such as Spotify and Apple Music accounted for 62.1% of the total revenue, which grew than before. The industry’s sales record in question is a compilation of profits from physical albums, digital streaming, and downloading music transmission.
