The music market has grown bigger than the movie...Global Sales Turnaround Last Year

The music industry's market size has grown larger than that of movies, thanks to a boom in streaming platforms and a resurgence of LP records, the Financial Times reported.

According to a report based on data from the International Federation of Record Industry and the International Federation of Copyright Organizations (CISAC), the sales of copyrighted music reached 45.5 billion dollars (about 63.6 trillion won) last year, up 10 percent in a year.

On the other hand, the movie industry's sales were only 33.2 billion dollars (46.4 trillion won), far below the music market.

Last year's music industry sales exceeded $41.9 billion (58.6 trillion won) in 2019 when the film industry was at its peak.

If you look at the music industry's sales in detail, the amount earned by record companies and their singers rose 12% to $28.5 billion (about 40 trillion won), and the rest, or one-third of the total sales, was the responsibility of music publishers and composers who manage copyrights.

CD and LP record sales grew faster than streaming service sales, with LP sales in particular growing 15.4%.