World recorded music income elevated by 4.8 p.c in 2024, pushed by a 9.5 p.c bounce in subscription streaming income, regardless of a “extremely aggressive market,” in line with worldwide recording business group IFPI. Figures launched Wednesday in its World Music Report present that whole commerce income reached $29.6 billion in 2024, marking the tenth consecutive 12 months of progress.
Customers of subscription accounts grew 10.6 p.c to 752 million worldwide as of the tip of final 12 months, whereas advertising-supported streaming income grew by a extra modest 1.2 p.c, in line with the IFPI report.
Annual streaming income exceeded $20 billion for the primary time with $20.4 billion, making this a part of the sector “larger than your complete recorded music business revenues for annually between 2003 and 2020,” it highlighted. In consequence, streaming accounted for 69 p.c of whole recorded music income in 2024.
World efficiency rights income climbed 5.9 p.c in 2024, marking the fourth consecutive 12 months of progress, to achieve $2.9 billion.
Nevertheless, “bodily codecs had a more difficult 12 months,” with income declining 3.1 p.c from a powerful 2023 that had posted a 14.5 p.c bounce, IFPI famous. “Vinyl income continued to develop in 2024, up 4.6 p.c,” marking its 18th consecutive 12 months of progress.
IFPI CEO Victoria Oakley, throughout a London occasion unveiling the report, famous that the 2024 progress was down from 10.2 p.c in 2023 however highlighted that different sectors can be more than pleased with such good points. She cited such artists as Charli XCX, Taylor Swift, Benson Boone, and Chappell Roan, and the success of such genres as nation music.
Wednesday’s IFPI report additionally highlighted income good points in each area of the world, led by 22.8 p.c progress within the Center East & North Africa, 22.6 p.c in each sub-Saharan Africa and 22.5 p.c in Latin America. Income for Europe rose 8.3 p.c, whereas the U.S. and Canada posted a 2.1 p.c achieve, and Asia a 1.3 p.c enchancment.
The Center East & North Africa “remained dominated by streaming, and people revenues accounted for 99.5 p.c of the overall,” IFPI highlighted.
“The important position music performs in so many elements of our lives is evidenced within the continued progress of the worldwide business,” mentioned Oakley. “What’s so thrilling is that there’s nonetheless nice potential for additional improvement, by way of innovation, rising applied sciences, and funding in each artists and the evolving elements of the rising music ecosystem.”
She additionally touted “the good creativity, imaginative and prescient and laborious work of artists and songwriters across the globe, powered partly by the work, funding and keenness of report firms and their groups.”
Concluded Oakley: “Within the case of report labels, returning revenues allow the, to be affected person, long-term, constant traders in artists, innovation, and tradition.”
IFPI lately named Taylor Swift as its 2024 biggest-selling international recording artist of the 12 months for the fifth time after 2014, and once more in 2019, 2022, and 2023.
