The Italian recorded music industry’s revenues grew by about 4% to €122 million in 2014, according to Deloitte in its annual review of record companies’ income member to Italian trade body FIMI.
It’s the second year in a row that the Italian market’s income has grown 4%.
38% of all recorded music revenues in Italy are now digitally generated, compared to 31% in 2013.
Income from music streaming services such as Timmusic, Spotify, Google Play, Deezer, YouTube and Vevo constituted the fastest-growing sector.
Streaming revenues increased more than 80%. Subscriptions to premium services increased by 82%, while ad-supported ‘free-to-consumer’ streaming increased by 84%.
Streaming now accounts for 57% of the digital market and 22% of total recorded music revenues in Italy.
Revenues from downloaded albums and singles fell by 15% in 2014. Downloads now account for 43% of the digital market.
Although revenue from the sale of physical albums declined by 5%, this rate of decrease was better than expected.
Physical formats now account for the 62% of income in the Italian market.
Within this trend there was a strong increase from vinyl LPs, which saw revenue growth of 84%, representing 3% of total album income in 2014.
As previously reported, the likes of One Direction and Coldplay (pictured) featured in Italy’s Top 10 bestselling albums of 2014.Music Business Worldwide