LONDON (Reuters) – Global music industry revenues rose for the ninth consecutive year in 2023, rising 10.2% to $28.6 billion (26.30 billion euros) thanks to the increase in paid subscriptions to streaming platforms, according to a report published Thursday.
Paid subscriptions to streaming platforms have exceeded the 500 million mark worldwide for the first time with more than 667 million accounts in 2023, according to the report published by the International Federation of the Phonographic Industry (IFPI).
The IFPI, a union that represents the world’s music industry, adds that revenues linked to streaming, up 10.4% to $19.3 billion, represent the largest share of the total growth. Revenue from streaming subscriptions jumped 11.2%.
Revenues linked to physical formats – CDs and vinyls – increased by 13.4% while those from performance rights increased by 9.5%.
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Only revenues from downloads and other digital formats fell by 2.6%.
“This year’s data shows a diverse and truly global industry, with revenues growing in every market, every region of the world and virtually every music format,” John Nolan, head of the company, said in a statement. of the IFPI.
Sub-Saharan Africa is the fastest growing market (24.7%), ahead of Latin America (19.4%) and Asia (14.9%).
Europe, the second largest market in the world for the music industry, saw its revenues increase by 8.9% compared to 7.4% for the American and Canadian markets.
The year 2023 was marked by the hit “Flowers” by Miley Cyrus, named the best-selling song by the IFPI, while the album “FML” by the K-Pop group Seventeen was the best-selling in the world.
(Reporting by Marie-Louise Gumuchian; French version Zhifan Liu, editing by Sophie Louet)
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