Music industry's fastest-growing global market is Middle East and North Africa, according to new report

A new report says that the music industry's emerging powerhouse is Middle East and North Africa.

The International Federation of the Phonographic Industry (IFPI) has released a new analysis titled “Global Music Report 2022” giving an insight into the work record companies are doing to engage at a very local level, to support music cultures and bring on the development of emerging music ecosystems.

It notes that MENA saw a 35% increase in music sales in 2021, making it the region with the fastest rate of growth globally. The analysis also finds that streaming increased to 95.3% share of the market as overall revenues grew to $89.5 million.

Following the US and Canada, Europe, and Asia, which all had gains in revenues in their respective regions, came the Latin American market, which saw a rise of 31.2%.

The focus of the business, though, is on MENA’s explosive expansion, which has been mostly fueled by a combination of streaming consumption and a stronger regional push by major music labels.

“Growth has come from increased DSP [digital service providers] subscription numbers, but also from rise in social media consumption and the increased importance of music on platforms like TikTok, Snapchat, Instagram Reels and YouTube Shorts — these are now pillars in people’s music discovery. That is especially true in countries such as Egypt and Saudi Arabia, with such young populations… We are seeing a rise in Egyptian hip-hop, and Mahraganat, or Electro-Shaabi music, and this fused genre is starting to become dominant”, Warner Music Middle East managing director Moe Hamzeh said in the report.

To read the findings in full, you can check it out here.