Music Industry Surges in 2023, Thanks to Streaming Subscriptions and Growing Demand for Content Worldwide

Streaming’s popularity drives nine consecutive years of growth in music sales

In 2023, the music industry experienced significant growth for the ninth consecutive year, thanks to an increase in streaming subscriptions. According to a report from the record industry association IFPI, overall revenue from music sales increased by 10.2 percent to $28.6 billion. More than half of this revenue came from streaming, which saw a 10.4 percent increase to $19.3 billion.

Revenue from physical audio formats like CDs and vinyls also increased by 13.4 percent, while royalties saw a 9.5 percent increase. However, digital music records experienced a slight decline in revenue with a 2.6 percent decrease.

The music industry is experiencing growth across all markets, regions, and formats, with sub-Saharan Africa leading the way with a strong growth rate of 24.7 percent. Latin America and Asia also saw double-digit growth rates. Europe ranks second globally with 25 percent of the regional income share, followed by the US and Canada at 41 percent.

Despite the positive growth, challenges such as streaming fraud, digital piracy, and responsible development of generative artificial intelligence to ensure artist and publishing rights are respected remain a concern for IFPI Chief Legal Officer Lauri Rechardt.

Overall, the report highlights that despite some areas experiencing decline in revenue such as digital music records, there is still significant growth in other areas such as streaming subscriptions and physical audio formats sales which can be attributed to an increase in demand for music content worldwide.

Sophia Reynolds

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