Revenues from recorded music in Bulgaria up 44% in 2023
Source：The Bulgarian News Agency (BTA)
From：Taiwan Trade Center, Sofia
Update Time：2024/04/13
The revenues from recorded music in Bulgaria have increased by 44% in 2023 compared to 2022. This was announced by the Bulgarian Association of Music Producers (BAMP) after the annual music report of the International Federation of the Phonographic Industry (IFPI) was presented on Thursday.
The total value of the Bulgarian music market has reached USD 16.9 million. This places the country 53rd in sales worldwide out of 70 countries. Bulgaria was noted as one of the fastest growing markets in the world, the association said.
"This surge is due to significant increases across all sectors, including physical media sales and rights management revenues, but most notably a strong increase in streaming revenues. In 2023, the latter accounted for 59% of Bulgaria's music market and saw a 65.6% growth compared to 2022," said BAMP CEO Petya Totcharova.
According to her, the growth in streaming revenues is mainly due to the significant increase in paid subscription revenues, which have almost doubled in the last 12 months and now account for 72% of total streaming revenues.
Revenues from physical media grew by 13.4%, according to the IFPI global report. Such a trend is also visible in the Bulgarian music market. In contrast to 2022, when a decline of just over 5% in CD sales was reported, in 2023 this segment of the market saw the largest increase in physical media sales in Bulgaria - 76.9%.
Bulgaria's recorded music industry generated total revenue of $11.4 million (10.6 million euro) in 2022, which represents an annual growth of 24%, the Bulgarian Association of Music Producers (BAMP) said on Wednesday.
The increase was largely due to revenues from subscription-based, advertising-supported music streaming services, which rose 40% on the year and represented 52% of the entire Bulgarian music market, BAMP said in a press release.
Paid streaming subscriptions in Bulgaria jumped by an impressive 49% compared to 2021, as the country is following the global trend in music streaming growth, the association noted.
Revenue from rights management added 9.4% year-on-year and was the second most significant source of revenue for the Bulgarian music industry after streaming services. Vinyl sales nearly doubled in the last year.
In 2022, Bulgaria moved two places to 54th in the global rankings out of 70 markets monitored by the International Federation of the Phonographic Industry (IFPI). According to the most recent IFPI report, recorded music revenues increased in all six major regions, with Europe, the second-largest global market, booking an annual revenue rise of 7.5%.
Source: https://www.bta.bg/en/news/culture/639819-revenues-from-recorded-music-in-bulgaria-up-44-in-2023