In the IFPI's annual Global Music Report covering the music industry 2023, revenues jumped 10% to $28.6 billion, the highest figure since 1999.
Global music sales grew for the ninth consecutive year in 2023, with recorded music revenues increasing in every market and region, and across almost all formats, according to the International Federation of the Phonographic Industry’s of global music sales.
Total streaming revenues, comprising of paid subscription and advertising-supported tiers, rose 10% to $19.3 billion to make up 67% of worldwide recorded music sales, roughly flat with last year’s share of the market. The only formats to record a decline in 2023 were digital downloads and what IFPI classifies as other digital formats, which fell by 2.6% to $900 million, representing just 3.2% of the global market.
The rest of the top 10 is made up of China , representing the fastest rate of increase in any top 10 market, followed by France , South Korea , Canada , Brazil and Australia . . Once again, the fastest-growing market region was Sub-Saharan Africa, which recorded a 25% rise in music sales, largely driven by increased take up of paid subscription services and the thriving South African music market, which grew by almost a fifth and contributed more than three quarters of the region’s revenue.
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