Italian recorded music revenues grew 27.8% in 2021 to reach $392.4 million (€332m), up €72m ($85m) versus 2020, when the market generated €259.89 million ($296.3m) in recorded music revenues.
That’s according to FIMI, the organization that represents the country’s recorded music industry.
The publication of Italy’s recorded music revenues for 2021 coincided with yesterday’s (March 22) release of IFPI’s Global Music Report, in which it was revealed that Italy is now ranked at No.10 on the list of the Top 10 biggest music markets globally.
In Italy, paid subscription streaming revenues rose by 35.6% in 2021 to top €141.7 million ($167.5m) versus €104.5 million ($119.1m) in 2020.
The Total streaming segment (including revenues from video, paid and ad-supported streams) reached €208.4 million ($246.3m) in 2021, up 24.6% YoY, from €167.3 million ($190.7m) in 2020.
Within Italy’s physical revenues, CD and Vinyl sales saw an uplift in 2021, following a slump in 2020 due to the closure of retailers during the pandemic.
CD sales grew 10.6% from €24.1 million ($27.4m) in 2020 to €26.7 million ($31.5m) last year, while Vinyl sales soared 78% to €26.8 million ($31.6m), compared to €15 million ($17m) in 2020.
Other physical formats, such as audio cassettes, saw their revenues increased by 245% YoY in 2021 to €686,000 ($810,000).
Total physical sales grew 37.87%, from €40 million ($45.6m) in 2020 to €55.2 million ($65.2m) in 2021 (see below).
Elsewhere in the market, performance rights revenues rose 37.2% to €52 million ($61.4m) in 2021.
Synchronization revenues, meanwhile, increased 36.4% from €7.5 million ($8.5m) in 2020, to €10.3 million ($12m) in 2021, passing the €10 million mark for the first time, according to FIMI.
FIMI reports further that Italian consumers reached over a billion streams every week in 2021.
Additionally, citing IFPI research, FIMI says that in 2021, Italian consumers spent over 19 hours a week listening to music, with 45% of them through a premium account. FIMI says this percentage rises to 57% in people aged 16 to 24 years.
Other notable stats published by FIMI this week are that in 2021, 479 albums from 302 artists surpassed 10 million streams.
According to FIMI, in 2011 only 134 albums by 105 artists exceeded the equivalent threshold of 10,000 copies (physical & downloads).
The publication of Italy’s recorded music revenues follows stats released by FIMI in January, which showed that every album in the Top 20 of the country’s domestic album chart for the full year of 2021 was from a local artist.
Additionally, “for the first time ever”, according to FIMI, the full Top 10 of its Singles Chart for the year was also comprised entirely of Italian acts.
“This was a particularly strong year for the Italian music market.”
In a statement, FIMI said: “This was a particularly strong year for the Italian music market: these results confirm the wide investments on Italian artists and new young talents by local record labels. Tax credits for new productions, furthermore, definitely had positive effects.
“Due to the strong innovation within the music industry (among the leading segments of Italian digital economy) successful opportunities have been created for artists.”
Note: EUR-USD currency conversions in this story are based on the IRS’s published annual average exchange rates.Music Business Worldwide