Growth Slows In Italy’s Recorded Music Market
While streaming and vinyl were both bright spots for the sector, growth in Italy's music market appears to have stalled, growing by just 0.4% in 2016. Overall, the market was worth €149m in 2016, according to figures collected by accounting firm Deloitte for trade association Federation Industria Musicale Italiana, (FIMI).
The decline of physical product, which remains 54% of the overall market, was a contributing factor to the slow growth, falling off from last year's figures by 8%. The decline for digital downloads of music was even more precipitous, falling off by 24% from 2015.
Strong points for the market included vinyl, which, despite the overall slowing of physical product, increased its share by 52% of that segment, generating €10 million in revenues in 2016. Streaming was strongly up as well, with subscription services capturing 51% of the digital market and increasing their share of the market by 39.4% year-over-year, while ad-supported streaming revenue rose by 30%.
Notably, in the age of streaming as music becomes increasingly borderless, Italian repertoire continued to perform strongly in the market. Out of the top 20 best-selling albums in Italy for 2016, 17 were from Italian artists.
via Celebrity Access