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English
Music Revenues Rise Again Subscription Streaming Drives Growth in 2024
Music Revenues Rise Again Subscription Streaming Drives Growth in 2024
Title Music Revenues Rise Again Subscription Streaming Drives Growth in 2024
The music industry has experienced a steady rise since 2015, with subscription streaming playing a pivotal role in driving this growth. According to the International Federation of the Phonographic Industry (IFPI), global recorded music revenues reached $29.6 billion in 2024, representing a 4.8% increase from the previous year.
The primary driver of this growth was subscription streaming, which saw a significant 10.6% increase in subscriber numbers to reach 752 million worldwide. Paid subscriptions alone grew by 9.5%, while advertising-supported formats experienced a more modest 1.2% increase. Additionally, performance rights revenues posted an impressive 5.9% growth to $2.9 billion.
While physical format sales declined 3.1% to $4.8 billion, vinyl records continued their upward trend for the 18th consecutive year, with a 4.6% increase. The Middle East and North Africa region experienced the fastest growth at 22.8%, followed by Sub-Saharan Africa at 22.6% and Latin America at 22.5%.
In terms of regional performance, the US and Canada, which account for around 40% of global recorded music revenues, posted a modest 2.1% growth. Asia, the third-largest region, saw a 1.3% gain.
As the industry continues to evolve in response to emerging technologies like AI, the IFPI is urging policymakers to protect artists from copyright threats posed by these new systems. We are asking policymakers to protect music and artistry, said IFPI Chief Executive Victoria Oakley. We must harness the potential of AI to support and amplify human creativity, not to replace it.
The significance of this growth cannot be overstated. The music industry is a vital contributor to the global economy, providing jobs, stimulating local economies, and bringing people together through shared cultural experiences.
Key Takeaways
Subscription streaming has become the dominant force in music consumption, driving growth in the industry.
Vinyl records are enjoying a resurgence, with 18 consecutive years of growth.
The Middle East and North Africa region experienced the fastest growth, indicating a strong demand for music in these regions.
Conclusion
The music industry's continued growth is a testament to its resilience and adaptability. As emerging technologies like AI continue to shape the industry, it is essential that policymakers prioritize protecting artists' rights and creativity. By doing so, we can ensure that the music industry remains a vibrant and dynamic sector, providing jobs, stimulating local economies, and bringing people together through shared cultural experiences.
Keywords* Music industry, subscription streaming, vinyl records, AI, copyright protection, emerging technologies
