Music industry earns $26 billion but wants streaming prices to rise

Image source, Getty Images

By Mark SavageBBC Music Correspondent ar, highest level since recordings began in the 1990s.

Growth was largely driven by streaming, which now accounts for 67% of industry revenue.

Last year, 589 million people paid for a subscription , said trade body IFPI, up from 523 million in 2021.

But labels say revenue could be higher and are pushing for prices are rising.

"It would help if the price of music subscriptions could reflect the realities of inflation," said Simon Robson, president of international markets for Warner Music.

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The UK's biggest streaming service, Spotify, hasn't increased in price since its launch in 2009, with an individual subscription set at £9.99. Most of its competitors...