Streaming’s popularity drives nine consecutive years of growth in music sales

Global Music Industry Continues to Thrive in 2023: Streaming Services Driving Growth and Boosting Revenue

In 2023, the music industry experienced yet another year of growth, with the sale of music records worldwide increasing for the ninth consecutive year. This growth can be attributed to the surge in subscribers to streaming services. Overall revenue from music sales rose by 10.2 percent to $28.6 billion, with streaming contributing over half of this revenue and seeing a 10.4 percent increase itself.

Music industry experts attribute this growth to the convenience and affordability of streaming platforms, which have made it easier for consumers to access their favorite songs on-demand. Additionally, the rise of social media has made it easier for artists to connect with fans and promote their music, leading to increased exposure and higher sales figures.

However, not all areas of the music industry saw growth in 2023. Digital music records saw a decline of 2.6 percent, while physical audio formats like CDs and vinyls only saw a slight increase in revenue by 13.4 percent. Despite these challenges, IFPI Chief Financial Officer John Nolan noted that the music industry is experiencing growth in all markets, regions, and formats.

In terms of regional income share, Europe ranks second globally with 25 percent, followed by the US and Canada at 41 percent. However, sub-Saharan Africa saw the strongest growth at 24.7 percent, with South Africa leading the way in this region. Latin America and Asia also experienced double-digit growth rates last year.

Despite this positive news for the music industry as a whole, there are still challenges that need to be addressed such as streaming fraud, digital piracy and ensuring artist and publishing rights are respected through responsible development of generative artificial intelligence.

Overall, it appears that despite some challenges in certain areas of the industry

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