September 21, 2023
On the strength of continued vinyl and streaming expansions, the Italian music industry achieved 14.2% year-over-year (YoY) growth during 2023’s initial half, according to newly released data.
The Federazione Industria Musicale Italiana (FIMI) reached out to Digital Music News with the H1 2023 recorded music stats behind the Italian music industry, including a total market size of about €176.09 million (currently $191.47 million).
Within the sum and its aforementioned 14.2% YoY boost, FIMI relayed that digital revenue (from streaming as well as downloads) had come in at about €141.68 million/$154.10 million (up approximately 16% YoY), accounting for some 84% of the six-month stretch’s income (excluding sync).
In keeping with well-established trends, streaming – and especially paid subscriptions – drove digital’s improvement, with the industry representative having specifically highlighted €90.85 million/$98.81 million in subscription streaming revenue (up 18.2% YoY) and €28.56 million/$31.06 million in ad-supported streaming revenue (up 22.9% YoY).
Rounding out the initially disclosed €176.09 million in revenue, FIMI classified €6.47 million/$7.04 million in the sync category, marking a less than 1% YoY dip.
Italy isn’t the only European music market that expanded during H1 2023, as the German Music Industry Association (BVMI) one month back pointed to €1.06 billion/$1.15 billion in total revenue for Q1 and Q2. According to the organization, 75.7% of the sum resulted from streaming, against a 6% contribution from vinyl.