Streaming popularity drives nine years of consecutive music sales growth
Technology

Rise of Streaming Drives 2023 Global Music Sales Increase

In 2023, the global sale of music records experienced a significant increase for the ninth consecutive year. The driving force behind this growth was the rise in subscribers to streaming services. According to the International Federation of the Phonographic Industry (IFPI), revenue from sound recordings rose by 10.2 percent to $28.6 billion, with over half of it coming from streaming, which increased by 10.4 percent to $19.3 billion.

Streaming subscriptions grew by 11.2 percent, with over 667 million users. Physical media such as CDs and vinyl also saw an increase in revenue by 13.4 percent, while royalties grew by 9.5 percent. However, digital music sales declined by 2.6 percent, reflecting a shift away from physical media towards streaming platforms.

The growth in revenue was observed across all markets and regions, indicating a diverse and global sector that is constantly evolving. Sub-Saharan Africa experienced the strongest growth at 24.7 percent, with South Africa leading the region with a significant share of income at 77%. Latin America and Asia also experienced double-digit growth rates, while Europe grew by only 8.9%, despite making up a quarter of global revenue, and North America saw a moderate increase of just under 7%.

While the positive growth is commendable, IFPI Chief Legal Officer Lauri Rechardt highlighted some challenges that need to be addressed responsibly to protect artists and publishing rights. These include streaming fraud, digital piracy, and potential misuse of artificial intelligence that could lead to unauthorized distribution or infringement on copyrights and intellectual property rights.

In conclusion, the music industry continues to grow year after year due to technological advancements and changing consumer preferences towards streaming platforms

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