Bulgaria's music industry grows 24% in 2022 on jump in paid streaming services - asso

The increase was largely due to revenues from subscription-based, advertising-supported music streaming services, which rose 40% on the year and represented 52% of the entire Bulgarian music market, BAMP said in a press release.

Paid streaming subscriptions in Bulgaria jumped by an impressive 49% compared to 2021, as the country is following the global trend in music streaming growth, the association noted.

Revenue from rights management added 9.4% year-on-year and was the second most significant source of revenue for the Bulgarian music industry after streaming services. Vinyl sales nearly doubled in the last year.

In 2022, Bulgaria moved two places to 54th in the global rankings out of 70 markets monitored by the International Federation of the Phonographic Industry (IFPI). According to the most recent IFPI report, recorded music revenues increased in all six major regions, with Europe, the second-largest global market, booking an annual revenue rise of 7.5%.

($ = 0.9272 euro)