Turn on, tune in and stay at home. That’s what millions of music fans did in 2020, with a rise in subscription streaming leading global recorded music revenue growth of 7.4%.

The market reported total revenues of $21.6 billion, marking its sixth consecutive year of growth, industry trade body the IFPI said in its Global Music Report on Tuesday.

The year’s top five best-selling artists were K-pop stars BTS, songstress Taylor Swift, rapper Drake, singer The Weeknd and teen sensation Billie Eilish.

“As the world contends with the COVID-19 pandemic, we are reminded of the enduring power of music to console, heal and lift our spirits,” IFPI Chief Executive Frances Moore said.

Total streaming, including both paid subscription and advertising-supported, rose 19.9% to $13.4 billion, accounting for 62.1% of total global recorded music

Paid subscription streaming revenues rose by 18.5% and there were 443 million users of paid subscription accounts at the end of 2020, the IFPI said.

The streaming figures compared to a decline in physical format revenues, which fell by 4.7%.

And with concerts and festivals cancelled as countries went into lockdown to stop the spread of the coronavirus, revenues from performance rights dropped 10.1%. Read more