The sale of music records in the world increased in 2023, for the ninth year in a row, mainly thanks to a greater number of subscribers to streaming, the record industry association IFPI reported.
Revenue from the sale of sound noses increased last year by 10.2 percent, to 28.6 billion dollars.
More than half of that figure came from streaming revenue, which rose 10.4 percent to $19.3 billion. Revenue from streaming subscriptions grew by 11.2 percent, with more than 667 million users.
Revenue from physical audio, CDs and vinyls increased by 13.4 percent, and royalties by 9.5 percent.
Only the revenue from the sale of digital music records decreased, by 2.6 percent.
“The figures in this year’s report reflect a truly global and diverse sector, with revenue growing in all markets, regions and almost all recorded music formats,” said IFPI Chief Financial Officer John Nolan.
“Both physical and digital formats grew for the third year in a row, and the increase in total revenue was significantly helped by strong growth in the number of streaming subscribers and increased prices,” added Nolan.
Sub-Saharan Africa recorded the strongest growth, by 24.7 percent. The IFPI includes the South African Republic (JAR), which, with an almost 20 percent jump, secured a 77 percent share of the regional income.
Latin America followed with a 19.4 percent increase in revenue, while Asia also recorded a double-digit growth rate of 14.9 percent.
Europe ranks second in the world with a share of some 25 percent of global income. In 2023, it grew by 8.9 percent.
The US and Canada account for about 41 percent of global revenue, which grew by 7.4 percent last year.
“The continued growth of the recorded music market is encouraging,” said IFPI Chief Legal Officer Lauri Rechardt, noting, however, problems such as streaming fraud, digital piracy and the threat of misuse of generative artificial intelligence if it is not developed responsibly and with respect for artists and publishing rights.