Italian labels body FIMI has published its latest figures, covering the recorded-music market in Italy in the first half of 2023.
They show encouraging growth, with revenues up 14.2% year-on-year to more than €175m (around $190.2m at current exchange rates).
Streaming was, of course, the engine of this growth. Streaming revenues grew by 16% to €139m, accounting for nearly 80% of the total. Within that, subscription revenues grew by 18.2% while ad-supported grew by 22.9%.
However, Italy is also seeing growth in physical music sales, which were up 9.4% in the first half of this year. Yes, vinyl – up 14.3% – but CD sales also increased by 5.3%.
FIMI cited the impact of Italy’s 18App ‘culture bonus’ initiative, which gives 18 year-olds €500 to spend on cultural products from music and cinema to museums and books.
There had been reports that the government would abolish it, but the scheme was renewed for 2023, and FIMI said that this was particularly beneficial to physical music sales.
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