The global music market was worth $26bn in 2021

Adele (pictured at the Brit Awards) had the biggest-selling album of 2021. Photo Courtesy: Adele

(BBC): Global music revenues grew at the fastest rate in more than two decades last year, with help from artists like BTS, Taylor Swift and Adele.

Revenues surged by 18.5% to $25.9bn (£19.5bn) in 2021, the highest level this century.

The growth was driven by streaming, with 523 million paid subscribers, up from 443 million in 2020.

Streaming now accounts for 65% of total revenues, with CDs, vinyl and cassettes making up 19% and downloads 4%.

The remaining 11% comes from a mixture of royalty payments and licensing music to films, TV shows and adverts.

The figures mean the industry has enjoyed a seventh consecutive year of growth, according to trade body the International Federation of the Phonographic Industry (IFPI).

“It’s hugely encouraging,” chief executive Frances Moore told the BBC. “We lived through that dire period after 1999 where the industry declined by 40%.

“We didn’t envisage we’d be in a situation [this year] where we report on 60 or 70 countries and every single one is in growth.”

Although streaming is the engine of the industry’s recovery, revenues were up in every format except digital downloads last year.

Sales of CDs increased for the first time this millennium, and vinyl revenues were up by 51%.

Total streaming – including both paid subscriptions and advertising-supported listening – grew and is now worth $16.9bn (£12.75bn)