Pushed by a 23% annual improve in paid music subscription income, the Italian music business continues to develop at double digits.
Paid music subscription income in Italy within the first half of 2024 €111.8 million (about. $120.9 million Calculated based mostly on the common alternate price within the first half of 2024).
The variety of paying customers reaches approx. 5 million interval.
General music gross sales (together with downloads, bodily media and syncs) have been €202.6 million ($219 million), added Annual improve of 15.1%based on knowledge federation of the italian music business (FIMI).
Income from ad-supported subscriptions declines regardless of speedy development in paid subscriptions Annual development of 1.1%arrive 28.2 million euros ($30.5 million).
FIMI cites knowledge from market intelligence agency GFKdisplaying that the full quantity of music streams within the Italian market has grown Annual improve of 31.7% throughout, over 46 billion stream.
Music income from video streaming has additionally seen important development Annual improve of 23.5% arrive 24.2 million euros ($26.2 million).
Bodily media gross sales development Annual improve of 5.7% arrive 29.5 million euros ($31.9 million), utterly composed of 16% annual improve Vinyl gross sales improve, CD gross sales lower Annual development of 10.6%.
Noting that “this development has been occurring for a number of years,” FIMI famous that Italy’s music business has begun to be dominated by native artists, with the highest 10 albums and singles within the first half of 2024 all coming from Italian artists.
It is a “thanks to the file labels for his or her funding within the whole funding”[ly] A brand new technology of artists”, Managing Director of FIMI Enzo Mazza Inform MBWstating that the Italian music market has achieved double-digit development for 4 consecutive semesters.
He additionally attributes the benefit of Italian performances to the tax credit accessible for investing in recorded music, noting that the music business lately acquired new tax credit for the manufacturing of music movies masking 40% Music video manufacturing prices as much as 80,000 euros per video.
Italy has been one of many beneficiaries of the “Belt and Street” development.World localization” – The phenomenon of music streaming companies has made native acts extra common of their residence nations whereas giving them higher entry to audiences world wide.
“We anticipate this optimistic development development to proceed all through the rest of 2024.”
Enzo Mazza, FIMI
Research from earlier this year from economist Will Web page and Chris Dara Riva Displaying that Italy leads Europe within the glocalization development, together with Germany and France, 75% Extra music streams in these nations come from native acts in native languages.
The sturdy efficiency of the Italian music market within the first half of 2024 follows on from 2023, when music gross sales in Italy grew 18.8%one of many strongest numbers on this planet, nearly 10.2% recorded world wide International federation of food industry in its global music report.
This is sufficient to safe Italy’s standing The third largest music market Within the European Union, it is just behind Germany and France.
Mazza mentioned that because the relative variety of customers in Italy nonetheless lags behind main Western markets, “we anticipate a optimistic development development for the rest of 2024.”international music enterprise
