The music sector hit record revenues at $25.9 billion in 2021, which amounts to an 18.5% growth from 2020, according to IFPI’s “Global Music Report.” Of these nearly $26 billion, streaming drove the bulk of the growth, with a 24.3% increase relative to 2020. These patterns constitute great news for the emerging class of NFT musicians and highlight the demand for audio and video content.
Even if the way that streaming is done changes — moving from centralized platforms, like Spotify (NYSE:SPOT) to decentralized NFT marketplaces — streaming is here to stay. The rise in streaming is part of a broader transformation in media and entertainment towards digital content — print media is quickly fading. Digital media began replacing print media years ago with profound effects on the sector. Economists find that the move toward national digital media is linked with the decline in local newspapers and partially explains the focus on national topics and heightened politicization.