Subscription streaming drove global recorded music revenues up for the tenth consecutive year in 2024, increasing by 4.8% to $29.6 billion, according to an industry report released on Wednesday. The International Federation of the Phonographic Industry (IFPI) urged policymakers to protect artists from the copyright risks posed by artificial intelligence developers.
The number of subscribers grew by 10.6% to reach 752 million globally, as stated in the IFPI’s annual Global Music Report.
For the first time, revenues surpassed $20 billion, with paid subscriptions growing by 9.5%, while advertising-supported formats saw a 1.2% rise. Performance rights revenues also saw an increase of 5.9%, reaching $2.9 billion.
However, physical format revenues declined by 3.1%, totaling $4.8 billion after a strong performance in 2023. While CD and music video revenues fell, vinyl sales marked their 18th consecutive year of growth, rising by 4.6%.
“The continued growth of the global music industry reflects the vital role music plays in our lives,” said IFPI Chief Executive Victoria Oakley. “There is still significant potential for further expansion through innovation, emerging technologies, and investment in both artists and the evolving components of the global music ecosystem.”
Revenues increased across all regions, with the Middle East and North Africa experiencing the fastest growth at 22.8%, followed by Sub-Saharan Africa at 22.6% and Latin America at 22.5%. Europe, accounting for over a quarter of global revenues, saw an 8.3% rise, while Australasia grew by 6.4%.
The U.S. and Canada, representing around 40% of global revenues, recorded a 2.1% increase, while Asia, the third-largest region, achieved a 1.3% gain.
Oakley acknowledged the potential of AI to enhance artist creativity and create new fan experiences, but cautioned against generative AI developers using copyright-protected music without proper authorization from rights holders.
via Reuters