Italy is having a hellish time with the coronavirus pandemic at the moment, so understandably the announcement of positive music industry growth figures for 2019 had a big shadow looming over them.
Industry body FIMI reported that recorded music revenues grew by 8.2% in 2019 to €247.8m (around $278m). As in other markets, this is being driven by streaming: trade revenues from that grew by 26.7% in 2019. However, in an interview with MBW, FIMI boss Enzo Mazza warned that coronavirus may stop the Italian industry’s growth in its tracks in 2020. It warns that physical music sales were down 60% year-on-year in the first three weeks of March, while performance licensing is down 70%. Streaming is also down slightly, with sync suffering too. “At this stage, the impact on the music biz in Italy will be devastating,” said Mazza.