Italy’s recorded music market – the third largest within the European Union, behind Germany and France – noticed an 8.5% year-on-year enhance in income in 2024, pushed by a 17.1% enhance in subscription streaming revenues.
That’s in accordance with the newest recorded music market report from the Federation of the Italian Music Business (FIMI), launched on Wednesday (March 19).
Total recorded music income grew to EUR €461.2 million (USD $499.1 million on the common alternate fee for 2024), as measured by commerce worth. Of the overall revenues, 44.4%, or €204.9 million ($221.8 million), got here from subscription streaming, the one largest market phase.
Advert-supported streaming revenues grew by a comparatively tepid 0.4% YoY to €50.5 million ($54.7 million), which was exceeded by video streaming at €52.7 million ($57.0 million), up 14.1% YoY.
Notably, FIMI reported earlier this yr that ad-supported streaming quantity grew by 53.1% YoY in 2024, implying a substantial decline in per-stream advert income. In the meantime, subscription streaming quantity rose 14.3% YoY, lower than the 17.1% enhance in income, suggesting that value hikes at digital service suppliers drove a few of the enhance.
“These knowledge verify the rising curiosity of Italian customers in subscription-based fashions, which supply limitless entry to more and more bigger and extra diversified catalogs,” FIMI stated.
The full variety of streams (subscription and ad-supported) grew 31% YoY to 95 billion.
Different sources of income confirmed blended outcomes, with neighboring rights rising 2.6% YoY to €74.8 million ($81.0 million), whereas synchronization rights fell 4.8% YoY to €12.9 million ($14.0 million).
The drop in synch rights “is the results of an more and more intense competitors within the music licensing market and a slight discount in investments on this space,” FIMI stated.
Digital downloads fell 12.7% YoY to €3.9 million ($4.22 million), whereas bodily media declined 2.1% YoY to €61.3 million ($66.3 million). Inside bodily media, solely vinyl noticed income development – up 6.8% YoY to €38.9 million ($42.1 million).
FIMI attributed the decline in bodily media to a shift in authorities coverage, with the alternative of Italy’s Tradition Bonus for youth with two new “Tradition Playing cards” out there to qualifying younger adults. FIMI stated the brand new Tradition Playing cards “have supplied much less incentive for buying recorded music.”
The Tradition Playing cards, out there to those that have turned 18 years previous and who qualify underneath both a tutorial achievement threshold or a family revenue threshold, present €500 to spend on cultural actions and merchandise. The federal government has capped the overall spend on the playing cards to €190 million per yr.
FIMI reported robust development in each Italian recorded music exports and within the reputation of native music. Exports expanded by 13.8% YoY to €27.95 million ($30.25 million), with a lot of that development coming from digital exports, up 24.4% YoY.
Over the previous 5 years, Italian recorded music exports have grown by 140%, FIMI famous.
“Total, the Italian report market confirms its extremely dynamic nature, with prospects for additional development pushed by technological innovation and new fashions of music consumption.”
FIMI
Like many different markets – significantly in Latin America and Europe – native music acts are seeing quickly rising market share in Italy. Over the previous 10 years, native repertoire has gone from holding 59% of the spots on FIMI’s annual charts to 84%.
FIMI notes a “generational turnover” taking place in Italy’s music scene: The common age of artists showing within the annual prime 10 charts has decreased by greater than 30% over the previous decade.
This has led to an increase in consumption of latest releases and a decline within the reputation of catalog music – 82% of streams in 2024 have been of music launched in or after 2010.
“Total, the Italian report market confirms its extremely dynamic nature, with prospects for additional development pushed by technological innovation and new fashions of music consumption,” FIMI stated.Music Enterprise Worldwide
