The global recorded music market grew by 18.5 percent in 2021 despite the impact of the COVID-19 pandemic, according to the annual global music report released by the International Federation of the Phonographic Industry on March 22.

The IFPI is the voice of the recording industry worldwide, representing over 8,000 record company members across the globe with affiliated organizations in over 70 countries.

China ranks sixth-largest music market in the world, according to the report. In 2021, China occupied the seventh spot. Driven by growth in paid subscription streaming, the total revenues for the global music market were $25.9 billion last year, the report showed. Paid subscription streaming revenues increased by 21.9 percent. There were 523 million users of paid subscription accounts at the end of 2021. It said that record companies are working to drive this continuing growth for the broader music ecosystem. With local teams and expertise located around the globe, they have invested in local artists and genres and are supporting their development across their markets and beyond.

In high-potential growth markets across Asia, Latin America and Africa, as well as more mature markets such as Europe and North America, labels are putting down deep roots and helping to foster the continued advancement of vibrant and diverse local music ecosystems.

"Around the world, record companies are engaging at a very local level, to support music cultures and bring on the development of emerging music ecosystems — championing local music and creating the opportunities for it to reach a global audience. As more markets mature, they join with and contribute to the rich, globally interconnected music world," said IFPI CEO Frances Moore, commenting on the latest global music report.

She also noted that as technologies and the online environment continue to evolve and expand, so do the creative opportunities to share music experiences.