In a recently released report by the International Federation of the Phonographic Industry, South Korea is named as the fastest-growing major music market in the world in 2020. According to the organization which represents the worldwide recording industry, revenues from recorded music soared almost 45 percent last year in the country amid the worldwide K-Pop boom.
South America was identified as the fastest-growing region for recorded music revenues. They were up 15.9 percent in 2020, which was topped by the regions largest market, Brazil, with a growth of 24.5 percent. Asia placed second among regions at 9.5 percent growth. The big Japanese market, which contracted slightly last year, held the region back. Asian music revenues without Japan grew by an astonishing 29.9 percent.
The Japanese market remained the second largest for recorded music in the world, however, behind the U.S. and ahead of the UK and Germany. South Korea placed sixth behind France and ahead of China.
Around the world, the increase in music revenue was driven by streaming, which made up more than 62 percent of global recorded music revenues. Physical media only accounted for around 20 percent of revenues in 2020.