Industry body Snep has published its figures for France’s recorded music market in the first half of 2020. It reveals a 0.4% year-on-year growth in revenues to €279m, a notable slowdown from the increases in recent years.
And of course, it’s Covid-19 which is the main reason. The trend follows that of other markets: streaming revenues grew by 17.7% despite the pandemic, while physical sales fell sharply by 36.8%.
Snep noted that the first half of the year is usually only around 40% of the annual market in France, expressing the hope that the year as a whole will see bigger growth than 0.4%.
Subscription streaming is now 62% of the market in France, with ad-supported streaming another 7%, and streaming video also 7%.
Earlier this year, Snep claimed that recorded music revenues for 2020 as a whole could be €235m less than its pre-Covid forecasts for the year.