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Paid subscriptions to music streaming services exceeded 500
million globally for the first time, with more than 667 million
users of such accounts, the IFPI’s Global Music Report said.
The body, which represents the recording industry worldwide,
said streaming revenues made up most of the total growth, rising
10.4% to $19.3 billion. Subscription streaming revenues rose
11.2%.
Physical format revenues - CDs and vinyl - rose 13.4%, as did
those for performance rights, up 9.5%.
Only revenues for downloads and other digital formats fell, down
2.6%.
"The figures in this year’s report reflect a truly global and
diverse industry, with revenues growing in every market, every
region and across virtually every recorded music format,” John
Nolan, IFPI’s chief financial officer and interim joint head,
said in a statement.
“For the third year in succession, both physical and digital
formats grew with a strong rise in the users of paid streaming
subscribers - as well as price increases - contributing
significantly to total revenue growth.”
Geographically, sub-Saharan Africa saw the fastest growth, with
revenues up 24.7%. South Africa, its biggest market, accounted
for 77% of regional revenues after growth of nearly 20%.
Latin America followed with revenues up 19.4% in the region's
14th consecutive year of growth.
Asia, the third largest region globally, saw revenues rise
14.9%, driven by physical format and digital revenues, while the
Middle East and North Africa saw an increase of 14.4%, led by
streaming. Australasia revenues rose 10.8%.
Europe, the world's second largest region for music revenues,
accounted for more than a quarter of global figures. Its
revenues gained 8.9%.
The USA and Canada, representing around 41% of global recorded
music revenues, saw a rise of 7.4%.
"The sustained growth of the recorded music market is
encouraging," Lauri Rechardt, IFPI's chief legal officer and
interim joint head, said.
"But it's also right for us to acknowledge the challenges the
industry faces, including streaming fraud, digital piracy...
and, of course, the threat from the abuse of generative
artificial intelligence if it is not developed responsibly and
with respect for artists' and labels' rights."
Last month, the IFPI announced Miley Cyrus' hit "Flowers" as the
world's best-selling single in 2023 and said K-pop group
Seventeen's "FML" was the biggest-selling album globally.
(Reporting by Marie-Louise Gumuchian; Editing by Susan Fenton)
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