Record Industry Reports Ninth Consecutive Year of Growth, Led by Streaming Services and Sub-Saharan Africa

Streaming popularity drives nine years of consecutive music sales growth

In 2023, the global sale of music records saw a ninth consecutive year of growth, driven primarily by an increasing number of subscribers to streaming services. 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 more than half of this revenue coming from streaming.

Revenue from physical media such as CDs and vinyl increased by 13.4 percent, while royalties grew by 9.5 percent. However, digital music sales declined by 2.6 percent, marking the only category to see a decrease in sales. IFPI Chief Financial Officer John Nolan noted 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 77 percent share of income. Latin America and Asia also experienced double-digit growth rates. Europe, which makes up 25 percent of global revenue, grew by 8.9 percent while the US and Canada, accounting for 41 percent of global revenue, saw a 7.4 percent increase.

While there was positive growth in the industry as a whole, IFPI Chief Legal Officer Lauri Rechardt highlighted challenges such as streaming fraud, digital piracy, and potential misuse of artificial intelligence that need to be addressed responsibly to protect artists’ rights and publishers’ interests.

Overall, these statistics indicate that despite ongoing challenges in some areas of the music industry, it is experiencing continued growth and success across all markets worldwide.

Leave a Reply