Italian Music Market Grows by 14.2% in H1 2023
Subscription-based streaming grew by 18,2% in the first half of the year. Physical formats also increased significantly
Ph. Clem Onojeghuo / Unsplash
The Italian market of recorded music grew by 14,2% in the first six months of 2023, if compared to the same period of last year. The overall revenues reached 175 million Euros, as revealed by FIMI (Federazione Industria Musicale Italiana) based on data provided by Deloitte.
Streaming dominates the Italian market, reaching 139 million Euros for an overall growth of 16%, with the subscription segment alone marking +18.2%. Revenues from ad-supported streaming range also rose, up by 22.9% YoY, while there was a slight decrease for revenues from video streaming (-0.5%).
Overall, the digital segment today represents 84% of the Italian market, in line with the results of 2022.
The growth of physical formats in the Italian music market
The physical formats also grew significantly. That segment now covers a market share of 16% and closed the first half of the year at +9.4%. Vinyl still dominates (+14.3% YoY), but the CD also grew (+5.3%), reversing the trend of last years.
“The impact of the Italian 18app Culture Bonus, which at the end of June had generated over 8 million Euros, should be noted, especially for this segment”, says FIMI in a statement. “The first half of the year also confirms the dominance of the Italian repertoire, with the top ten albums and singles guided by Italian titles”.
