Financial and business news from Bulgaria

$8.4 million is the revenues for the Bulgarian music market in the 2020 pandemic.

Revenues in the Bulgarian music industry for 2020 increased by 12.6% compared to 2019 despite restrictions on artists taken because of the coronavirus. While physical activities and indoor concerts have suffered a decline, the use of paid streaming services has significantly increased.
“Those who actively digitised their repertoire survived,” says the executive director of the Bulgarian Association of Music Producers (BAMP) Ina Kileva. Over the last year, streaming service usage has increased 47.7 per cent compared to the previous one, managing to offset much of the losses.

Data are from the annual report of the International Federation for the Sound and Sound Industry (IFPI). They show that globally, the growth of the music market is trending. For 2020 it is 7.4% compared to 2019. Over the past 12 months, its revenue has been $21.6 billion. Of that money, 62.1%, or 13.4bn, is from streaming services.

“With annual revenues totalling USD 8.4 million, the Bulgarian music market occupies only 57th place in the global ranking among the 70 markets seen by the world organization”, explains Kileva.

"Despite those affected by the pandemic, and despite social issues, music companies have continued to work hard to survive and together build a world we would all like to live in,” says IFPI chief executive Frances Moore. He specifies that for the 6th consecutive year the music industry has grown globally.

For the first time in the organisation's annual report, besides the US, Canada, Europe and Latin America, includes African and Middle East countries. The music industry was reported to be 8.4 per cent growth, with streaming dominant again.