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

In 2023, the music industry experienced growth for the ninth consecutive year, with a 10.2 percent increase in revenue from music sales worldwide. The increase in streaming subscriptions was a major factor contributing to this growth, with streaming services generating over $19.3 billion in revenue, which is a 10.4 percent increase from the previous year.

Moreover, physical audio formats such as CDs and vinyls also saw an increase in revenue by 13.4 percent. However, digital music records saw a decline of 2.6 percent. Despite this, the music industry is experiencing growth in all markets, regions and formats worldwide, with sub-Saharan Africa leading the way with a growth rate of 24.7 percent. Latin America and Asia also experienced double-digit growth rates.

In terms of regional income share, Europe ranks second globally with 25 percent of the market share followed by North America with 41 percent. While the positive growth was observed across various regions and formats, IFPI Chief Legal Officer Lauri Rechardt highlighted some challenges such as streaming fraud, digital piracy and responsible development of generative artificial intelligence to ensure artist and publishing rights are respected.

The report from IFPI highlights that despite some decline in certain areas such as digital music records, overall revenue has increased significantly due to streaming subscriptions and physical audio formats like CDs and vinyls seeing an uptick in demand.

By Riley Johnson

As a content writer at newsmol.com, I dive into the depths of information to craft compelling stories that captivate and inform readers. With a keen eye for detail and a passion for storytelling, I strive to create engaging content that resonates with our audience. Whether it's breaking news, in-depth features, or thought-provoking opinion pieces, I am dedicated to delivering high-quality, informative content that keeps readers coming back for more. My goal is to bring a fresh perspective to every article I write and to make a meaningful impact through the power of words.

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