According to FIMI – the organization that represents the Italian recorded music industry – in 2022 Italian music experienced a major growth of 11.1% and more than € 370 million in revenues, mainly driven by streaming – which grew by 17.7%.
Regarding music export, 2022 was a year with growing revenues for the Italian recording industry, which marks a +15% royalty revenue (physical, digital, synchronization and performance rights), increasing by 92 percent in three years and reaching over 22 million euros: it’s a growth driven in particular by digital revenues, up 12% compared to last year.
The streaming segment now accounts for 66.7% of total recording industry revenue, driven by a 13.7% increase in streaming subscriptions over 2021 while the ad-supported segment also grew by 36.2%, including revenues from social media such as Instagram, Facebook and TikTok: digital consumption is thus playing a key role in the growth of the Italian music market both domestically and abroad.
The physical sector marked a general -2.2% while the vinyl trend held out, leading a comeback of 11.7%. However – despite the decline of the physical sector due to the increased digitalization of the Italian market – thanks to the valuable results of the local repertoire that dominated the album and singles charts in 2022, Italian physical market remains one of the strongest internationally, ranking eight in the global chart. In addition, the results of synchronizations concerning audiovisual productions such as advertisements, movies and tv series also look promising: they stand at +26.5% with over 13 million in revenues.
A winning combination of all the efforts made by local record companies and the ever-changing consumer habits led to the great success of the Italian repertoire: while for the third year in a row the top ten Albums was completely dominated by the local acts and for the second year the top ten Single is fully dominated by the local repertoire, in terms of certifications 2022 closed with 267 Albums, 2 Compilations and 325 Singles certificates, for a total of 594 titles.
Source: FIMI – Federazione Industria Musicale Italiana, https://en.fimi.it/in-2022-italian-recorded-music-revenues-grew-11-1-driven-by-digital-consumption.kl