In 2023, the recording industry saw a surge in sales of music records worldwide for the ninth year in a row. This growth was primarily driven by the increase in subscribers to streaming services. The total revenue from music sales rose by 10.2 percent to $28.6 billion, with more than half of this revenue coming from streaming, which grew by 10.4 percent to $19.3 billion.

Streaming subscriptions also experienced growth, with over 667 million users contributing to an 11.2 percent increase in revenue. Revenue from physical audio formats such as CDs and vinyl rose by 13.4 percent, while royalties rose by 9.5 percent. The only area to see a decline in revenue was digital music records, down by 2.6 percent.

IFPI CFO John Nolan stated that the music industry is experiencing growth across all markets, regions and formats. Sub-Saharan Africa recorded the highest growth rate of 24.7 percent, led by the Republic of South Africa, while Latin America and Asia also recorded double-digit growth rates. Europe ranks second in the world with a regional revenue share of 25%, followed closely behind by North America with a regional revenue share of 41%. Despite these positive trends, IFPI Chief Legal Officer Lauri Rechardt highlighted challenges such as streaming fraud, digital piracy and responsible development of generative artificial intelligence to ensure that artists’ and publishers’ rights are respected.

Overall, the music industry continues to experience growth across all markets and regions thanks to increased subscription numbers on streaming services

By Samantha Johnson

As a dedicated content writer at newspuk.com, I immerse myself in the art of storytelling through words. With a keen eye for detail and a passion for crafting engaging narratives, I strive to captivate our audience with each piece I create. Whether I'm covering breaking news, delving into feature articles, or exploring thought-provoking editorials, my goal remains constant: to inform, entertain, and inspire through the power of writing. Join me on this journalistic journey as we navigate through the ever-evolving media landscape together.

Leave a Reply