Global Music Revenue Grew 10.2% in 2023 — but Executives Warn of a ‘Transformational Moment’ Ahead

variety.com:

Mark Sutherland The IFPI Global Music Report has long been viewed as the definitive snapshot of the international music industry’s health (or otherwise).

After all, the global recorded music industry trade body’s report has chronicled both the industry’s long, painful period of physical decline and celebrated its streaming-led return to growth.But the publication of its 2024 report — launched Thursday at a press conference in London — felt like one of those years when the numbers are slightly lagging behind the real story of what’s happening in the industry.The statistics, certainly, paint an almost across-the-board picture of a business in good health.

Global recorded music revenues were up 10.2% in 2023 to $28.6 billion, the ninth consecutive year of growth, and better than last year’s 9% rise.The number of paid music streaming subscriptions passed 500 million for the first time, with subscription streaming up 11.2%, while there are now 677 million users of paid subscription accounts globally.There was growth in every region of the world, ranging from solid increases in mature markets such as the U.S. & Canada (+7.4%), Europe (+8.9%) and Australasia (+10.8%) to more substantial rises in developing music markets in the Middle East & North Africa (+14.4%), Asia (+14.9%), Latin America (+19.4%) and Sub-Saharan Africa (+24.7%).Many of those rates compared favorably with last year’s numbers, when the U.S. & Canada only went up 5.1% and Europe could only manage a 7.5% boost, as long-awaited increases to the price of streaming subscriptions finally filtered through.It seems clear though, that the explosive growth that has powered the industry recovery in those markets is now levelling off.