The Italian music industry grew five percent in the first six months of 2019 compared to the same period a year earlier, with revenues of €86 million driven by a 32 percent surge in streaming, according to the latest report from the country’s Music Industry Federation (FIMI).
Good performance came from subscriptions, which produced revenue that grew by 32% compared to 2018. Revenues with ad-supported audio also increased, exceeding those of video sharing in the first half of the year
Overall , digital music today represents 73% of the Italian market , also in relation to the decline of physical, which fell by 26% – except for vinyl, which with + 4.8% continued its growth curve covering 31% of the entire physical media market. Overall, therefore, physical represents 27% of the market , more than twelve percentage points less than in 2018.
The entire recorded music market generated €86 million (+ 5%) in the first half . Of note, of course, also the good performance of the culture bonus 18app, which in the first half of the year developed a turnover of around 11 million euros: in 2019, in fact, about 430,000 eighteen-year-olds joined the initiative. Overall, in 2018, the culture bonus had weighed for 21 million euros.
The €500 culture bonus is an Italian-government-funded plan to give 18-year-old people money to spend on culturally enriching pursuits such as going to theatres, concerts and museums, visiting archaeological sites, and buying books. And, apparently, also music.
Edited from FIMI