Global music biz sees 10.2% growth in 2023: Industry
Global music revenues were up 10.2 percent last year to $28.6 bilOLRQ DFFRUGLQJ ÀJXUHV UHOHDVHG EXW UHFRUG ÀUPV DUH FRQFHUQHG RYHU KRZ to maintain growth in the streaming era. The biggest artist in the world was -- no surprise -- Taylor Swift, according to the annual report by International Federation of the Phonographic Industry, which represents global record companies.
Swift was followed closely by two Korean bands, Seventeen and Stray .LGV UHÁHFWLQJ WKH LQFUHDVLQJ VSUHDG RI K-Pop. The biggest singles in the world were “Flowers” by Miley Cyrus, the only song to surpass 2 billion streams (2.7 bn), followed by “Calm Down” by Rema and Selena Gomez (1.89 bn) and “Kill Bill” by Sza (1.84 bn).
The music industry grew for the ninth consecutive year, thanks largely to the continued growth of streaming (up 11.2 percent), which now accounts for more than two-thirds (67.3 percent) of global revenues. Paid streaming subscriptions VRDUHG SDVW PLOOLRQ IRU WKH ÀUVW WLPH to reach 667 million.
Physical formats -- particularly vinyl -- also saw growth, with sales up 13.4 SHUFHQW ´7KH ÀJXUHV LQ WKLV \HDU·V UHSRUW UHÁHFW D WUXO\ JOREDO DQG GLYHUVH LQGXVWU\ with revenues growing in every market, every region and across virtually every recorded music format,” said John NoODQ ,)3,·V FKLHI ÀQDQFLDO RIÀFHU
The fastest-growing regions were Sub-Saharan Africa (up 24.7 percent) and Latin America (19.4 percent), thanks to the spread of streaming and the rise of local stars like Burna Boy, Asake, J Balvin and Bad Bunny. The biggest music markets remained the United States, Japan and Britain.
7LN7RN HIIHFW
The industry has several key concerns, however, particularly as young people spend increasing time on TikTok and games. “The worst ad-supported, short-clip video platforms have no chance of leading to paid subscriptions and are becoming the primary consumption platforms for many young consumers,” said Dennis Kooker, of Sony Music, DW D SUHVV FRQIHUHQFH WR ODXQFK ,)3,·V report.
Universal Music Group recently yanked its music off TikTok in a feud RYHU WKH DSS·V DSSURDFK WR $, JHQHUDWHG music and song royalties. Kooker sugJHVWHG UHFRUG ÀUPV ZHUH LQFUHDVLQJO\ focused on superfans. “Those who want more, and are willing to pay more, need SURGXFWV WKDW DUH VSHFLÀFDOO\ GHVLJQHG for them,” he said.—AFP