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 since records began in the 1990s.
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.”
