The International Federation of the Phonographic Industry (IFPI) has shared its new Global Music Report 2019. According to the report, global music sales grew 9.7% in 2018, reaching $19.1 billion in total revenue. It was the fourth consecutive year of growth and the highest rate since the IFPI began tracking the market in 1997.

Nearly half (47%) of all revenue came from streaming, which grew by 34% in 2018. By the end of last year, there were 255 million users of paid streaming services. As a result of streaming user increase, the IFPI reported a 10.1% decline in physical music revenue and a 21.2% decline in download revenue.

Additionally, Latin America—especially Brazil and Mexico—was reported as the fastest growing region with Asia and Australia trailing behind as the second largest region for combined physical and digital revenue. There was also a 18% rise in music sales in South Korea due to the success of acts like BTS and BLACKPINK.

Read “BTS: How the Biggest Boy Band in the World Stays Radically Korean” on the Pitch.

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