To complement the 2017 Spotlight on France, CAAMA (Canadian Association for the Advancement of Music and the Arts) will present an expansion to the initiative to include the first-ever official music trade mission from Italy at Canadian Music Week 2017 (April 2017 in Toronto).
The Canadian Association for the Advancement of Music and the Arts (CAAMA), in association with Canadian Music Week, is creating new pathways for Canadian artists and music companies to do business with music companies from Italy. Canada boasts 1.5 million Italian Canadians and has the sixth largest Italian population outside of Italy.
With a population of 61.9M, Italy is the 9th largest music market, according to the 2016 world rankings published by the International Federation of the Phonographic Industry (IFPI).
Billboard’s Richard Smirke highlights Italy’s growth, noting for the third consecutive year, music sales in Italy grew in 2015. Recorded music sales for the year 2015 totalled $169M USD, up 21 percent on 2014’s figure of $139M USD, according to Italy’s umbrella association Federazione Industria Musicale Italiana (FIMI).
The Italian recorded music market increased in value by 22 per cent in the first half of 2015 according to figures published by Deloitte. IFPI 2016 RIN notes its trade value at $USD 265.5 M.
Italy’s music sector is enjoying an increase in every format from digital to physical to online. “The Italian music market in 2015 shows a wide cross-consumption of music,” says FIMI CEO, Enzo Mazza. “Different types of public — both adults and teenagers — can choose according to their specific needs among different formats, from mobile streaming to CD or vinyl.”
In 2015, physical sales totalled $100M USD, up 17 percent from the previous year. Within that, vinyl accounted for a little more than $6.8M USD — close to double 2014’s total — and now represents four percent of the total market.
Physical now accounts for 59 percent of Italy’s music market. In digital, subscription revenues were just under €27 million ($30 million), up 63 percent on the previous year. Ad-supported services generated just more than $16M USD, up 38 percent from 2014.
As part of CAAMA’s International Buyer’s Program, the 2017 Focus on Italy will bring key buyers, market experts and industry reps from various sectors together with the Canadian music industry in Toronto during the event’s conference schedule. CMW’s Focus on Italy will provide a platform for Canadian artists and music companies to promote their music to buyers and industry from Italy.
Meet labels, booking agents, festival organizers, promoters, talent buyers and industry specialists from the Italian entertainment industry and open new trade routes with potential partners from these two key European markets as part of a Spotlight on France and Focus on Italy.
Delegates from Italy will participate in export market training sessions and share their expertise and insights while opening new trade routes for business investment and revenue potential for all in attendance.
CAAMA will provide a market intelligence report and trade support for Canadian artists and music companies to do business. The report will include an in-depth overview of the territories and we anticipate the report will serve as an invaluable resource in future preparations for the 2017 Spotlight and Focus activities.