An analysis conducted by Music Norway, based on the newly released Global Music Report, highlights Scandinavia’s impact in the global music market. Although three relatively small countries in size and population, Scandinavia, comprised of Norway, Sweden and Denmark, is one of the biggest markets in the world for recorded music. Combined, the countries saw revenues increase 8,4% from 2015, to $416,2 mill.
This puts Scandinavia ahead of Canada ($367,98 mill), with only heavyweights USA, Japan, UK, Germany and France before them. Individually, Sweden ranks at 13, with Norway and Sweden close behind at 18 and 21.
Combined the three countries have a population of 20,8 million, making it stand out as a huge market for recorded music, looking at per capita use. Norwegians spent an average $21,68 on recorded music, more than any other country in the world. Sweden and Denmark are close behind with $19,47 and $19,59.
Streaming dominates the three countries’ total revenue, accounting for more than 55% of total revenue in all three countries.
– Increased revenues from streaming has increased investments in the Nordic music industry and contributed to improved investments in local repertory. It has been a positive circle, where technology has stimulated finding and developing new talent, which again contribute to more talent development and innovation, says Kathrine Synnes Finnskog, Managing Director of Music Norway.