Global music revenue grew by 4.8% in 2024 to reach US$29.6 billion, as streaming surges worldwide.
Revenue rose in every region for the third consecutive year, according to a report by IFPI, with subscription streaming revenue representing more than 50% of recorded music revenue globally.
“While we are supportive of technological change that helps bring music to fans everywhere around the world it only seems reasonable that artists be paid appropriately for their endeavours. In true partnerships based on mutual respect we can all build an exciting vision for the future of our artists and our industry,” said Sony Music Group chair Rob Stringer.
Streaming revenue’s growth rate was higher than any other format, and reached a new record of US$20.4 billion last year. Subscription-based revenue grew by 9.5%, while ad-supported streaming revenue increased by 1.2%.
The number of paid subscribers to streaming services rose by 10.6% worldwide, and is now 752 million.
Physical revenue fell by 3.1% to US$4.8 billion, after seeing an increase of 14.5% in 2023. Vinyl revenues rose for the 18th consecutive year, while CD and music revenues both declined.
Performance rights revenues rose by 5.9% to US$2.9 billion, and now amount to 9.7% of total music revenue.
Artists’ share of music revenue was 34.8% in 2023, the report found, rising from 34.1% in 2022.
The Middle East and North Africa region saw the highest revenue growth in 2024, at 22.8%. Sub-Saharan Africa and Latin America followed closely behind, at 22.6% and 22.5% respectively.
The United States and Canada, the world’s largest recorded music region by revenue, posted growth of 2.1%. The two countries represented 40.3% of global music revenue last year.
Total streaming revenue in the United States rose by 3.6% to US$14.9 billion in 2024, according to a separate report by the Recording Industry Association of America.
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