Recent figures released by IFPI, the world body representing the recording industry, show total revenues for 2021 were Sh2.6 trillion.
African artists have been embraced by fans worldwide. That means we need to start building the base immediately.
African artists need to forge close relationships with digital service providers in order to build their subscription numbers as data costs come down.
When most of the world was in lockdown, music was one of the few things that kept people upbeat.
It’s no surprise that the global recorded music market grew by 18.5 percent in 2021 - more than twice the prior year’s growth rate (7.4 percent) and also marking the highest revenue levels in this millennium.
Recent figures released by IFPI, the world body representing the recording industry, show total revenues for 2021 were Sh2.6 trillion.
Once again, growth was driven by streaming, which now accounts for two-thirds (65 percent) of recorded music revenues, up from a 61.9 percent share in 2020.
Interestingly, revenues from Compact Discs (CDs) grew for the first time in 22 years. At the same time, the recent resurgence of interest in vinyl continued with very strong revenue growth last year of 51.3 percent (up from 25.9 percent growth in 2020).
The only channel to see a decline in revenue was downloads and other digital formats. The format fell by 10.7 percent as the trajectory of digital music consumption continued to move from an ownership to an access model.
Being an ardent music fan, I was keen to see where Africa was placed in all this.
The truth is, I was a bit underwhelmed to see the below-average revenue growth of 9.6 percent for sub-Saharan Africa.
Equally, I was unimpressed to see that, despite being consistent to all other regions in regards to streaming revenue increase, much of the streaming was of the ad-supported type, not paid subscriptions. Nonetheless, the growth in consumption is a good sign.
Notably, North Africa stood out as the fastest-growing region in the world. There’s no doubt Africa's music is beginning to resonate around the globe.
African artists have been embraced by fans worldwide. That means we need to start building the base immediately.
African artists need to forge close relationships with digital service providers in order to build their subscription numbers as data costs come down.
Yes, the market is global but we need to secure the base. On this front, governments in some African countries may need to address the high data costs as well as take intellectual property rights seriously.
They need to make the local copyright systems and collection services truly functional. Equally, major music labels courting African artists can double down their artist and repertoire efforts and widen their physical presence.
Indeed, African music is already global. African artists are setting global trends and are becoming more popular day after day.
Unbelievable, that 15-20 years ago, music coming from the continent was categorised as ‘world music’, which was a way of side-lining it to some extent.
Now, the world is jamming to Afrobeats and artists are recognised in different award schemes.
Truly, we’ve come a long way. Nonetheless, we are only scratching the surface. If the above key pieces are sorted out, a whole new world of opportunities would open up.
A crucial impact area is the absorption of the masses of unemployed youth, both on the creative and supporting side.
