Streaming Boosts Global Music Sales to New Heights in 2023

Streaming popularity drives nine years of consecutive music sales growth

In 2023, the global sale of music records experienced a surge for the ninth consecutive year, driven largely by an increase in subscribers to streaming services. This growth was reflected in a rise in revenue from sound recordings, which jumped by 10.2 percent to $28.6 billion. More than half of this revenue came from streaming, which increased by 10.4 percent to $19.3 billion.

The number of streaming subscriptions grew by 11.2 percent, with over 667 million users worldwide. Despite this growth, digital music sales declined by 2.6 percent, while revenue from physical media such as CDs and vinyl increased by 13.4 percent and royalties grew by 9.5 percent.

IFPI Chief Financial Officer John Nolan emphasized that these figures reflect a diverse and global sector with growth in all markets and regions. Sub-Saharan Africa saw the strongest growth at 24.7 percent, with South Africa leading the region with a dominant share of income at 77%. Latin America and Asia also experienced double-digit growth rates, while Europe and North America also grew steadily despite accounting for smaller shares of global revenue compared to other regions.

Despite the positive growth in the music industry, IFPI Chief Legal Officer Lauri Rechardt highlighted several challenges that need to be addressed responsibly to protect artists’ rights and intellectual property rights.

These challenges include streaming fraud, digital piracy, and the potential misuse of artificial intelligence technology in music creation and distribution.

IFPI is calling on stakeholders across the industry to work together to address these challenges and ensure that artists receive fair compensation for their work while also protecting consumers’ access to music they love.

In conclusion, the music industry continues to grow year after year driven primarily by streaming services. The increasing popularity of streaming platforms has led to an increase in revenue from sound recordings as well as royalties and physical media sales.

However, it’s crucial that stakeholders take steps to protect intellectual property rights and prevent issues such as streaming fraud or digital piracy from undermining this progress.

With continued collaboration between all parties involved in the industry, it’s possible for artists’ rights to be protected while still providing consumers with access to new music releases they can enjoy anytime they want anywhere they are through their smartphones or tablets or even smart speakers or TVs nowadays!

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