In 2023, the music industry saw a remarkable increase in revenue from music sales worldwide. This was the ninth consecutive year of growth, and it can be attributed to the rise in the number of subscribers to streaming services. Overall revenue from music sales increased by 10.2 percent to $28.6 billion, with more than half of this revenue coming from streaming, which saw a 10.4 percent increase to $19.3 billion.

Streaming subscriptions also experienced growth, with over 667 million users contributing to an 11.2 percent increase in revenue. In addition, royalties saw a 9.5 percent increase, while physical audio formats like CDs and vinyls increased by 13.4 percent. The only area that saw a decline in revenue was digital music records, with a 2.6 percent decline.

IFPI Chief Financial Officer John Nolan stated that the music industry is experiencing growth across all markets, regions, and formats. Sub-Saharan Africa saw the strongest growth at 24.7 percent, with South Africa leading the way. Latin America and Asia also experienced double-digit growth rates.

Europe ranks second globally with a 25 percent income share, followed by North America at 41 percent. While there has been positive growth overall, IFPI Chief Legal Officer Lauri Rechardt highlighted challenges such as streaming fraud, digital piracy, and responsible development of generative artificial intelligence to ensure artist and publishing rights are respected.

The report from IFPI shows that the sale of music records worldwide increased for the ninth consecutive year in 2023 due to the rise in streaming services subscriptions’ number.