Streaming Drives Ninth Straight Year of Global Music Record Sales Growth; Physical Media, Royalties Also See Increases

Streaming popularity drives nine years of consecutive music sales growth

The sale of music records worldwide increased in 2023 for the ninth consecutive year, primarily driven by a surge in streaming services subscriptions. According to the International Federation of the Phonographic Industry (IFPI), revenue from the sale of sound recordings rose by 10.2 percent to $28.6 billion, with over half of this revenue coming from streaming, which increased by 10.4 percent to $19.3 billion.

Revenue from physical media such as CDs and vinyl increased by 13.4 percent, while royalties grew by 9.5 percent. The only category to see a decrease was digital music sales, which declined by 2.6 percent due to various factors such as competition from streaming services and changing consumer preferences towards physical media like vinyl and CDs.

The growth in revenue is attributed to an increase in streaming subscriptions worldwide, particularly in emerging markets like Sub-Saharan Africa and Latin America where growth rates were double digits. Europe and Asia also experienced significant growth rates despite challenges faced due to piracy issues and misuse of artificial intelligence that need to be addressed responsibly to protect artists’ rights and publishing interests.

IFPI Chief Financial Officer John Nolan stated that these figures reflect a diverse and global sector with growth in all markets and regions, highlighting the importance of addressing issues that affect the entire industry.

On the other hand, IFPI Chief Legal Officer Lauri Rechardt noted challenges such as streaming fraud, digital piracy, and potential misuse of AI that could have severe consequences on artists’ rights and publishing interests if not addressed promptly.

In conclusion, despite positive growth trends in the music industry, there are still challenges that need to be addressed proactively by stakeholders across all sectors to ensure sustainable development for the entire industry while protecting intellectual property rights for artists and publishers alike.

The sale of music records worldwide increased in 2023 for the ninth consecutive year, primarily driven by a surge in streaming services subscriptions. According to the International Federation of the Phonographic Industry (IFPI), revenue from the sale of sound recordings rose by 10.2 percent to $28.6 billion, with over half of this revenue coming from…

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