Review: IFPI Global Music Report 2023
Summary of the key points for discussion
I finally got a chance to read the IFPI Global Music Report 2023 and so I thought I would summarise the key points, as well as any surprises, for discussion. The annual report provides a comprehensive overview of the recorded music industry’s performance, trends, and emerging opportunities. Here are some of the highlights:
Global Performance
Total revenue: In 2023, the recorded music industry experienced robust growth, with global revenue reaching $25.5 billion, a 9.7% increase compared to the previous year. This marks the seventh consecutive year of growth.
Streaming revenue: Streaming continues to dominate, accounting for 65% of total revenue. Subscription streaming revenue grew by 12.8%, while ad-supported streaming revenue increased by 15.2%.
Physical & download revenue: Despite the digital era, physical revenue remained stable, representing 15% of the total market. Vinyl sales experienced double-digit growth. Download revenue continued to decline, contributing only 4% to the total revenue.
Performance rights revenue: Performance rights revenue saw a 7.1% increase, representing 13% of the total revenue.
