Recorded music revenues up for first time in 11 years in Italy

Recorded music revenues in Italy increased last year for the first time since 2002. Figures published by Deloitte for FIMI, the organisation that represents the Italian recording industry, reveal revenues increased by 4% in 2013 to €117.6 million. Growth was 2% excluding brand partnerships, performance rights and synchronisation deals.

Revenue from digital music channels increased by 18% to €38.1 million and now accounts for 32% of the overall recorded music market.

Growth was driven by streaming services, which generated a 182% increase in revenues, as well as downloads, which increased by 6% in value.

Music subscription and streaming services now account for 38% of the digital music market in Italy, up from 31% in 2012.

Physical format sales continued to decline, falling by 5% to €79.5 million, but sales of vinyl were up by 6%.

Performance rights income increased by 19% to €23.5 million and now accounts for 19% of the overall recorded music market. Income from synchronisation deals and brand partnerships increased by 3%.

Source: Music Week