Art. 7 of the decree-law 8 August 2013, n. 91, provides for "the recognition, for the purposes of income taxes, of a tax credit to companies producing musical phonograms and videograms, as well as to companies producing and organizing live musical performances, existing at least from 1 January 2012, in relation to the costs incurred for the creation and promotion of musical phonographic or videographic recordings that are first, second or third works of new talents, defined as artists, groups of artists, composers or performers ". The measure is so-called "MUSIC Tax-credit".
Since 2016, the companies producing phonograms and musical videograms and those that produce and organize live music performances to benefit from the facilitation provided for by Legislative Decree 91/2013 for the promotion of the music of young emerging artists and composers. In particular, the tax credit is recognized in relation to the costs incurred for the creation and promotion of musical phonographic or videographic recordings that are first or second works of new talents.
The collaboration between MIBACT, SIAE (Italian Society of Authors and Publishers), artists, representative associations, foundations, companies (e.g. FIMI Federation of the Italian Music Industry) representative of the music sector contributed to promoting international events and initiatives in which increasing attention has been dedicated to young people (www.siae.it/it/chi-siamo/cultura-e-solidariet%C3%A0/siae-la-cultura-e-lo...) , such as:
- Italian Music Summer Summit
- Soundtrack Stars Award
-Festa della Musica
-Milano Music Week
- Air- Artisti in Residenza
- Sanremo Festival (within Sanremo Giovani section) and Sanremo rock and trend Festival
- Rock Contest
- Lucca Summer Festival
- Premio Mia Martini
- Umbria Jazz Festival
FIMI (Federation of the Italian Music Industry) was founded in 1992, it is a founding member of Confindustria Cultura Italia and a member of IFPI (International Phonographic Industry Federation). FIMI operates a daily monitoring service of national and international legislative procedures of interest to the category it represents. It produces reports and legislative proposals, interfaces with the representatives of the major national and local institutions. Through the representation of IFPI, FIMI operates in an international network also, collects and disseminates sector data and research (https://www.fimi.it/mercato-musicale/dati-di-mercato/), both nationally and internationally, to allow companies to know the trend and development of the market. Associated companies can access economic data and studies carried out by the most important research companies.
Trending over the past few years, streaming continues to lead revenue, which grew 34%, and now accounts for nearly half (47%) of total record industry revenue, driven by a 32.9% increase in streaming subscriptions for a fee.
In 2018 there were 255 million users of paid streaming services, representing 37% of total recorded music revenue: this is a growth that more than offset the 10.1% decline in physical revenue and 21.2 % of those related to the download.
The year just ended also confirms the recovery of the Italian recording market with + 2.6% and 228 million in turnover (IFPI data): in Italy too it is the streaming segment that is driving this growth, accounting for almost half of the market ( 41%). Premium streaming subscription services are growing, marking + 55.4% compared to the previous year, while between 2013 and 2018 digital has gone from covering 32% of the market (physical + digital) to 63%. The balance of performance rights (+ 2.9%) and synchronization (+ 7.9%) was also positive.
In 2020 it turned out that the music sector was mainly driven by digital, which alone accounts for 86% of all industry revenues. Of this segment, 82% is represented by streaming, which generated 68 million euros in the first six months of 2020: this is a substantial leap compared to the end of 2019, in which it represented 66% of the total. The growth is marked, above all, by streaming subscriptions, which mark + 33% in the first six months of the year.
In the first half of 2020, the entire recording market (mkt + synch) generated about 88 million euros, growing by 2.1% compared to 2019: a result obtained thanks also to the revenues derived from the 18app culture bonus, which developed a turnover of approximately 10 million euros (August 2020) against the involvement of 390,000 young people participating in the initiative.