Music Industry Reaps a Record-Breaking $28.6 Billion in 2023, Fueled by Surges in Streaming Subscriptions

Streaming popularity drives nine years of consecutive music sales growth

In 2023, the global music industry experienced yet another year of growth, with revenue from sound recordings rising by 10.2 percent to $28.6 billion. The increase was driven primarily by a surge in streaming subscriptions, which grew by 11.2 percent and accounted for more than half of the revenue generated from streaming.

The sale of physical media such as CDs and vinyl also saw an increase of 13.4 percent, while royalties grew by 9.5 percent. However, digital music sales experienced a slight decline of 2.6 percent, marking the only category to see a decrease in revenue.

IFPI Chief Financial Officer John Nolan highlighted the positive figures and noted that they reflect a diverse and global sector with growth in all markets and regions. Sub-Saharan Africa saw the strongest growth at 24.7 percent, with South Africa leading the region with a 77 percent share of income. Latin America and Asia also experienced double-digit growth rates. Europe, which accounts for 25 percent of global revenue, grew by 8.9 percent while North America saw a 7.4 percent increase in revenue.

While IFPI Chief Legal Officer Lauri Rechardt acknowledged the positive growth, he also pointed out challenges such as streaming fraud, digital piracy, and potential misuse of artificial intelligence that need to be addressed responsibly to protect artists’ rights and publishing rights.

Overall, the music industry continues to thrive globally due to innovative technology and growing consumer demand for music content across multiple platforms and formats.

In summary:

The global sale of music records increased for the ninth consecutive year in 2023 due to a larger number of subscribers to streaming services according to IFPI report.

Revenue from sound recordings rose by 10

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