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

Global Music Sales Revenue Surges to $28.6 Billion in 2023, Driven by Streaming Subscriptions

In 2023, the sale of music records worldwide experienced growth for the ninth consecutive year, with revenue from music sales increasing by 10.2 percent to $28.6 billion. The increase in revenue can be attributed to the rise in the number of subscribers to streaming services. More than half of this revenue came from streaming, which saw an impressive 10.4 percent increase to $19.3 billion.

Streaming subscriptions also witnessed growth, with over 667 million users contributing to an 11.2 percent increase in revenue. Revenue from physical audio formats like CDs and vinyls increased by 13.4 percent, while royalties saw a respectable 9.5 percent increase. However, the only area that saw a decline in revenue was digital music records, with a mere 2.6 percent decline.

According to IFPI Chief Financial Officer John Nolan, the music industry is experiencing growth across all markets, regions and formats worldwide. Sub-Saharan Africa saw the strongest growth at 24.7 percent, with South Africa leading the way in terms of regional income share at 41 percent. Latin America and Asia also experienced double-digit growth rates in revenue share income percentage wise.

However, despite this positive trend in revenue, IFPI Chief Legal Officer Lauri Rechardt raised concerns about challenges such as streaming fraud, digital piracy and responsible development of generative artificial intelligence to ensure artist and publishing rights are respected globally so that they are protected legally and ethically for future generations of artists and publishers alike.

Overall, these statistics indicate that while there may be some challenges within the industry such as piracy and AI development ethical concerns; it’s clear that there is still room for significant growth potential within this ever-evolving sector of entertainment value creation through different means such as streaming platforms or physical media distribution channels that artists should capitalize on for their benefit while maintaining legal rights protection frameworks.

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