The report “Music in Numbers 2014” (Musikk i tall 2014), estimates the value of Norway’s music industry in 2014. The report shows that the Norwegian industry had a turnover of $395M in 2014. Down two percent from 2013, but a seven percent increase compared to 2012.
The report divides the market in to three main categories; the concert market (ticket sales at shows in Norway), revenue from recorded music and revenue from royalties.
When split up we see that the concert market accounts for over 50 percent of the turnover, valued at $203M.
Concert market: MNOK 1.800 ($203.400.000). 20% increase compared to 2012
Revenue from recorded music: MNOK 804 ($90.852.000). 9% increase compared to 2012
Revenue from royalties: MNOK 892 ($100.796.000). 11% increase compared to 2012. A part of the increase is due to royalties from streaming and downloads.
The report estimates that export of Norwegian music (concerts, licensing and recorded music) generated a total revenue of MNOK223 ($25.817.459M) in 2014, an increase of MNOK 5 from 2013. It is worth noting that only companies registered in Norway are included in this number, leaving out Norwegian artists on foreign labels. To calculate revenue from concerts outside of Norway, only artist fees are accounted for.
Streaming accounted for 77% of music sales in 2014
The increase in record music revenue over the last three years are due to the increase in sales figures from streaming services. In 2014 streaming accounted for 77 percent of total sales of recorded music, compared to 67 percent in 2013 and 46 percent in 2012. Revenue from streaming has increased by 78 percent from 2012 to 2014.
Director of Music Norway, The Norwegian industry’s export organization, Kathrine Synnes Finnskog is pleased with the numbers.
– After our transition to a streaming-based economy, the industry’s revenue is growing, and it is again investing in local talent and making them export ready for a global market. The numbers confirm a tendency we have been seeing the last few year – that there is an increasing demand for Norwegian music internationally.
This is the third time a study like this is conducted. Read the full report.