Recorded music revenues worldwide grew 9.7 per cent in 2018 to $19.1 billion, according to figures released by record industry body IFPI (International Federation of Phonographic Industry).
That is the highest rise since the organisation started tracking the market in 1997.
Almost half (47 per cent) of the total comes from streaming, which grew by 34 per cent, offsetting declines in physical revenue (10 per cent) and download revenue (21 per cent).
The IFPI’s State of the Industry report says that 255 million people have paid-for streaming accounts.
According to the figures, revenues from performance rights rose almost 10 per cent to $2.7bn, representing 14 per cent of total recorded music industry revenues.
The Asia and Australia market saw overall growth of 12 per cent compared to 2017, while Latin American revenue rose 17 per cent. European growth was flat at just 0.1 per cent, while North America reported a rise of 14 per cent on the previous year.
The IFPI says the biggest selling artistes of 2018 were Drake, followed by K-Pop act BTS, Ed Sheeran and Post Malone.
Meanwhile, a report by accountant PricewaterhouseCoopers, Global Entertainment and Media Outlook 2018–2022, predicts live music revenue – including ticket sales and sponsorship – will reach $30.55bn by 2022.
IFPI members include 1,300 record companies across almost 60 countries.