Diverse music markets evolving rapidly and finding ways to grow. Within the top 10, some of the fastest growing markets are in Asia and Latin America (South Korea, Brazil) with Asia becoming the second largest region for physical and digital music combined for the first time. One of the most exciting aspects of this global growth is the regions driving it. For the fourth year in a row, Latin America has seen the largest regional growth, with countries like Brazil leading the way. Asia has become a world player, with markets like China and South Korea fuelling growth. The Middle East and North Africa are now commanding attention. Crucially, these territories and the artists emerging from them are already receiving the real benefit.
Physical format revenue saw a continued decline in 2018, dropping by 10.1% and now accounting for around a quarter of the total market (24.7%). As in the previous year, the majority of markets saw a decrease in physical format revenues, but a small number of markets remained the trend, posting growth (India +21.2%; Japan +2.3%; South Korea +28.8%), and physical revenues still constitute a significant percentage of the market in some countries (representing 71%, and 35% of the market in Japan, and Germany respectively). Revenues from vinyl also sustained their upward trend, posting growth for the thirteenth consecutive year, growing 6.0% and maintaining a 3.6% share of the overall market.
Overall digital revenues grew by 21.1% to US$11.2 billion in 2018, crossing the US$10 billion mark for the first time ever and now accounting for 58.9% of total recorded music revenues. Within this format, the data was varied with streaming pushing growth up strongly increasing by 34.0% to US$8.9 billion, while downloads saw a decline of 21.2%, dropping to 7.7% of the total market. Paid streaming, in particular, was again a key fact that +32.9%, with almost all markets reporting growth in this area. Digital now makes up more than 50% of revenue in 20 markets.
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