Italy’s music trade continues to develop by double digits, pushed by a 23% YoY enhance in revenues from paid music subscriptions.
In the course of the first half of 2024, paid music subscriptions in Italy introduced in EUR €111.8 million (approx. USD $120.9 million on the common alternate fee in h1 2024).
The variety of paid subscribers reached round 5 million through the interval.
Total music gross sales, together with downloads, bodily media, and synchronization, got here in at €202.6 million ($219 million), a rise of 15.1% YoY, in line with knowledge from the Industrial Federation of Italian Music (FIMI).
Whilst paid subscriptions confirmed fast development, income from ad-supported subscriptions fell by 1.1% YoY, to €28.2 million ($30.5 million).
FIMI cited numbers from market intelligence agency GfK, exhibiting that complete music streams within the Italian market grew by 31.7% YoY through the interval, to greater than 46 billion streams.
Music revenues from video streaming additionally noticed pronounced development, up 23.5% YoY to €24.2 million ($26.2 million).
Bodily media gross sales grew by 5.7% YoY to €29.5 million ($31.9 million), pushed totally by a 16% YoY enhance in vinyl gross sales, whereas CD gross sales dropped 10.6% YoY.
Noting a “development that has been underway for just a few years,” FIMI famous that the music trade in Italy has come to be dominated by native acts, with all the high 10 albums and singles in H1 2024 coming from Italian artists.
That’s “because of the investments of the file labels into a complete[ly] new technology of artists,” FIMI Managing Director Enzo Mazza instructed MBW, noting that Italy’s music market has now seen double digit development for 4 straight semesters.
He additionally attributed the energy of Italian acts to a tax credit score out there for funding into recorded music, and famous that the music trade lately secured a brand new tax credit score for the manufacturing of music movies, which covers as much as 40% of the price of music video manufacturing as much as €80,000 per video.
Italy has been one of many beneficiaries of the development of “glocalization” – the phenomenon of music streaming providers making native acts extra fashionable of their house nations, whereas on the similar time giving them larger entry to audiences around the globe.
“We anticipate this constructive development in development for the remainder of 2024.”
Enzo Mazza, FIMI
Analysis earlier this 12 months from economists Will Web page and Chris Dalla Riva confirmed that Italy – together with Germany and France – leads Europe within the glocalization development, with 75% or extra of music streams in these nations coming from native acts within the native language.
The energy of Italy’s music market in H1 2024 comes sizzling off the heels of a banner 2023, when Italy noticed its music gross sales develop by 18.8%, one of many strongest numbers on the planet and almost double the 10.2% recorded worldwide by the IFPI in its World Music Report.
That was sufficient to make sure Italy’s place because the third largest music market within the European Union, behind Germany and France.
Mazza mentioned that, with Italy nonetheless lagging the main Western markets in relative variety of subscribers, “we anticipate this constructive development in development for the remainder of 2024.”Music Enterprise Worldwide
