IFPI, the International Federation of the Phonographic Industry, has reported global music industry data for the year 2024. The overview shows a total revenue of $29.6 billion, a 4.8% increase from 2023, marking continuous growth for the tenth consecutive year. Growth is evident across all regions, with the Americas and Canada experiencing a 2.1% rise, Europe at 8.3%, Asia at 1.3%, and Latin America leading at 22.5%.
Paid subscription streaming services play a crucial role in this growth, with a 9.5% increase in paid accounts out of a total of 752 million accounts worldwide. Revenue structure from recorded music shows 51.2% coming from streaming subscriptions, 17.1% from streaming advertising, and 16.4% from physical media sales.
Other interesting data includes a 3.1% decrease in total revenue from physical media, except for vinyl records which saw a 4.6% consecutive growth for the 18th year. Live performance rights revenue also increased by 5.9% to $2.9 billion for the fourth year in a row. Asia remains the top-selling physical market globally with a 45.1% share.
In contrast, Japan, the second-largest market, experienced a 0.2% decline in overall revenue due to decreasing physical sales. China saw a significant 9.6% revenue growth, securing the fifth spot in global market share.
Source: IFPI
TLDR: IFPI reports a 4.8% increase in global music industry revenue in 2024, with streaming subscriptions driving growth and Asia maintaining its position as the top physical sales market.
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