The music industry saw a rise in revenue in 2023, with the sale of music records worldwide increasing for the ninth consecutive year. This growth can be attributed to the increase in subscribers to streaming services, which accounted for more than half of the revenue.
According to a report from IFPI, revenue from streaming increased by 10.4 percent to $19.3 billion. Subscriptions also saw growth, with over 667 million users contributing to an 11.2 percent increase in revenue. Physical audio formats like CDs and vinyls also experienced an uptick, with revenue increasing by 13.4 percent. However, digital music records saw a decline of 2.6 percent in revenue.
IFPI Chief Financial Officer John Nolan noted that the music industry is experiencing growth in all markets, regions, and formats. Sub-Saharan Africa saw the strongest growth at 24.7 percent, with South Africa leading the way. Latin America and Asia also saw double-digit growth rates.
In terms of regional income share, Europe ranks second globally with 25 percent, followed by North America at 41 percent. While there were positive gains made during this time period, IFPI Chief Legal Officer Lauri Rechardt highlighted challenges such as streaming fraud, digital piracy, and responsible development of generative artificial intelligence to ensure artist and publishing rights are respected.
Overall revenue from music sales increased by 10