Italy’s Recorded Music Revenues Grew by 11,1% in 2022
The Italian Federation of the Music Industry shared the new annual figures. Despite the double-digit growth, Italy is no longer among the world’s ten biggest markets
The market of recorded music reached 371 million euros of revenues in Italy in 2022, with a growth of 11,1% over 2021. FIMI – the Italian Federation of the Music Industry, representing the biggest record companies in the country – shared the new annual figures on Mar. 21.
Italy’s recorded music market in 2022
As usual, the growth is led by streaming (+17,7%), now representing 66,7% of the Italian market. The premium segment grew by 13,7% and counts even more streams than the free versions of the platforms. The latter grew by 36,2%. A press release issued by FIMI points out that the figure includes revenues from social media platforms. It is no coincidence: It refers to the interruption of negotiations between Meta and Italian collecting society SIAE. According to the CEO of FIMI, Enzo Mazza, Facebook and Instagram generated more than 20 million euros of revenues for record companies in Italy in 2022.
The physical sector decreased by 2,2%, but vinyl keeps growing (+11,7%). Nevertheless, the Italian market of CDs and vinyl is still among the biggest, ranking 8th globally.
Synchronizations grew by 26.5%, with over 13 million euros of revenue.
The revenues from abroad also grew, reaching a total of 22 million euros (+15% YoY, led by streaming especially). That figure is less remarkable than the jump from 11 to 19,1 million euros of 2021, but it is worth noting that that was the year of Måneskin’s global breakthrough.
Despite the overall growth of recorded music, Italy is no longer among the world’s ten largest markets, according to IFPI’s “Global Music Report 2023”, after its comeback to the Top 10 in 2021. Enzo Mazza explains why it happened: “Last year, the eurozone was heavily affected by the dollar exchange rate. Inevitably, this circumstance had an impact on the top 10.”