The music industry saw significant growth as people turned to music to cope with the COVID-19 pandemic.
By the end of 2020, there were a total of 443 million users of paid subscription accounts. This, as 81% of Americans reported that music has helped them sleep better, cope with the lockdown, and be more productive amid the pandemic.
AFTER lockdowns were imposed around the world last year, millions of people turned to music to cope as evidenced by the fact that 2020 saw a rise by 7.4 percent in subscription streaming.
The music streaming market reported a total revenue of $21.6 billion, recording its sixth consecutive year of growth.
Last year’s top five best-selling artists include KPop sensation BTS, popstar Taylor Swift, rapper Drake, The Weeknd, and Billie Eilish.
With almost everything bad going on amid the pandemic, music continues to console, heal, and boost spirits. This was evident in the way more people acquired paid subscription and streamed advertisement-supported sites.
443 million users
Total streaming rose 19.9% in 2020 to $13.4 billion, which accounted for 62.1% of total global recorded music revenues.
By the end of 2020, there were a total of 443 million users of paid subscription accounts.
The rise in streamers saw a decline in physical format revenues, falling by 4.7%.
With concerts and festivals canceled, revenues from performance rights dropped by 10.1%.
For decades, it has been known that music can positively impact human wellbeing.
During the ongoing pandemic, 81% of Americans reported that music has helped them sleep better, cope with the lockdown, and be more productive amid the pandemic.
Anxiety buster
Music is seen as a stress and anxiety buster, as it releases dopamine and serotonin in the brain, giving a sense of pleasure to the listener and ultimately boosts one’s mood.
It also affects brain waves and can promote a calm and meditative state which decreases cortisol levels which increase blood pressure, heart rate, and blood sugar levels.
With no end in sight yet to the pandemic, Filipinos should maximize their musical experiences. By finding music that fits the occasion you are in, you are helping yourself mindfully and purposefully.
Music can also be used to bring people together. It is a powerful way to spark conversation, especially among those who share the same music taste as you.
Ultimately, turning to music regulates emotion, makes people feel connected, and manages stress amid everything going on in the world. (OM)
Tags: #music, #musicindustry, #COVID19