Global Music Industry Continues to Grow Thanks to Streaming Services, Despite Digital Sales Decline and Piracy Challenges

Streaming popularity drives nine years of consecutive music sales growth

In 2023, the sale of music records increased for the ninth consecutive year, thanks to a larger number of subscribers to streaming services. This was revealed by the International Federation of the Phonographic Industry (IFPI). Revenue from sound recordings rose by 10.2 percent to $28.6 billion, with more than half of this revenue coming from streaming.

Streaming grew by 10.4 percent and saw over 667 million users, while revenue from physical media such as CDs and vinyl increased by 13.4 percent, and royalties grew by 9.5 percent. However, digital music sales saw a decline of 2.6 percent in 2023.

Despite this positive growth, IFPI Chief Legal Officer Lauri Rechardt highlighted challenges such as streaming fraud, digital piracy, and the potential misuse of artificial intelligence that need to be addressed responsibly to protect artists and publishing rights.

According to IFPI Chief Financial Officer John Nolan, these figures 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 significant share of income. Latin America also experienced double-digit growth rates, while Asia grew by nearly 15 percent in revenue terms. Europe made up a quarter of global revenue and grew by an impressive 8.9 percent in revenue terms, while North America accounted for more than half of global revenue and saw a healthy increase in revenue terms at 7

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