What’s the state of the music industry in Germany?
According to a report by the German Music Industry Association, the market has experienced its third consecutive $2 billion year, generating €2.07 billion in 2022.
While audio streaming accounted for the majority of revenues at 73.3%, physical music sales including vinyl and CD still held a significant share of the market. The report showed that the digital business grew by 11.7% in 2022, while the overall physical market declined by 11.9%. Additionally, the €2.07 billion revenue figure in 2022 marked growth of 6.1% YoY, indicating a positive trend for the fourth year in a row.
The report also sheds light on the decline of physical music sales and the rise of audio streaming. While vinyl sales experienced a 5.1% increase in sales last year, it was significantly lower than the 20.1% YoY growth seen the previous year.
Overall, the report highlights the continued success of Germany’s record business, with increased revenue and growth in the digital sector.
The rise of audio streaming also indicates a shift in how consumers consume music, which could lead to new opportunities for the industry.
As technology continues to evolve, it will be interesting to see how the industry adapts and innovates to meet the needs of its audience.