Italy was the tenth biggest recorded music market in the world last year according to the IFPI, buoyed by a 27.8% increase in revenues. It would be a tall order to match that growth in 2022, but the market continues to rise impressively.
Figures published by industry body FIMI reveal that Italy’s recorded music revenues grew by 18.3% in the first half of 2022 to reach €153.2m ($151.7m). That included a 13.7% rise in audio streaming subscriptions (to €76.9m) and a 40.3% spike in video streaming revenues (to €19.7m).
Streaming is now 81% of the Italian recorded music market, up from 79% in the first half of 2021. As with other major markets, the vinyl revival is a factor in Italy too: sales were up 17.5% to €14.8m in the first half of this year, fuelling a 5.8% rise for physical overall, despite CD sales declining.
As elsewhere though, the subscription streaming growth is worth keeping an eye on: the 13.7% growth in the first half this year is well down on its 41% spike in the first half of 2021.
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