The International Federation of the Phonographic Industry (IFPI) has released its Global Music Report for 2024, revealing a ninth consecutive year of growth in global music sales. According to the report, recorded music revenues surged in every market and region, with a total revenue of $28.6 billion in 2023, marking a 10% increase from the previous year.
The report highlights that paid streaming subscription revenue saw an 11.2% rise, reaching $14 billion and constituting nearly half (48.9%) of global music sales. This growth was attributed to price hikes by major streaming services like Spotify and Apple Music, alongside a steady increase in global streaming subscribers, surpassing 500 million for the first time.
Physical record sales, including CDs and vinyl, experienced a notable resurgence, growing for the third consecutive year to $5.1 billion, with Asia accounting for almost half (49%) of all physical revenues worldwide. Performance rights revenue also climbed by 9.5% to $2.7 billion, while sync income increased by 4.7% to $632 million.
However, digital downloads and other non-streaming digital formats witnessed a decline of 2.6%, amounting to $900 million, representing just 3.2% of the global market.
The report underscores the music industry’s ongoing transformation, with discussions focusing on the potential impact of artificial intelligence (AI) on music creation and distribution. While AI offers opportunities for innovation, industry leaders emphasize the need to protect artists’ rights and intellectual property in the face of evolving technology.
Overall, the IFPI report highlights a positive trajectory for the global music industry, driven by streaming growth, resurgence in physical sales, and increased investment in artists’ careers.
