Streaming and social networks drive Swiss music market growth
Vinyl sales fell for the first time in 12 years.
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The Swiss music market generated sales of CHF223.7 million ($240 million) in 2022, up 4% on the previous year, with streaming and social networks driving growth.
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Streaming e redes sociais impulsionam crescimento do mercado musical suíço
This is the seventh year in a row that the market has shown growth, the Swiss association of music labels (IFPI) said on Friday.
The digital sector is the driving force, accounting for 85% of total sales. Within that sector, IFPI says sales from ad-supported streaming have grown strongly. This is mainly due to the use of short videos on social networks such as Tiktok and Facebook, the association writes.
With revenues of CHF24 million, ad-supported streaming has for the first time overtaken physical means of listening to music (CHF21.4 million or 10% of the market).
While CD sales have been in decline for years, vinyl sales also declined for the first time in 2022. Vinyl sales had been on the rise for the past twelve years, according to the association.
The IFPI has 40 members, representing almost 90% of the Swiss music market. It is part of the global industry association, which has around 1,300 members in 70 countries worldwide.
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