• Mon. Jun 24th, 2024

Global Music Sales Surge by 10.2% in 2023: IFPI

BySamantha Jones

Mar 25, 2024
Streaming’s popularity drives nine consecutive years of growth in music sales

The sale of music records worldwide increased for the ninth consecutive year in 2023, with a 10.2 percent increase in overall revenue to $28.6 billion. This growth can be attributed to the rise in streaming subscriptions, which saw an 11.2 percent increase in revenue and accounted for more than half of the total revenue from music sales.

Streaming services are driving this growth, with over 667 million users contributing to the revenue increase. Revenue from physical audio formats such as CDs and vinyls also saw a 13.4 percent increase, while royalties had a 9.5 percent increase. However, digital music records saw a decline of just 2.6 percent, indicating that despite these challenges, there is still significant demand for physical formats like CDs and vinyls among consumers.

The IFPI Chief Financial Officer John Nolan stated that the music industry is experiencing growth across all markets, regions, and formats globally. Sub-Saharan Africa saw the strongest growth at 24.7 percent, with South Africa leading the way as usual. Latin America and Asia also experienced double-digit growth rates during this period.

In terms of regional income share, Europe ranks second globally with 25 percent, followed by North America at 41 percent. Despite this positive growth trend, Lauri Rechardt, IFPI’s Chief Legal Officer, highlighted some challenges that continue to plague the industry today – including streaming fraud, digital piracy – which poses a threat to artist and publishing rights’ protection even with advancements in technology like AI-generated content development that must be considered responsibly to ensure respectful distribution of artist works.

Overall, it’s clear that music continues to be a thriving industry worldwide despite the ever-evolving technological landscape and ongoing threats from piracy and illegal streaming practices.

In conclusion

By Samantha Jones

As a dedicated content writer at newszxcv.com, I bring a passion for storytelling and a keen eye for detail to every piece I create. With a background in journalism and a love for crafting engaging narratives, I strive to deliver informative and captivating content that resonates with our readers. Whether I'm covering breaking news or delving into in-depth features, my goal is to inform, entertain, and inspire through the power of words. Join me on this journey as we explore the ever-evolving world of news together.

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