Latest news with #GlobalMusicReport
Euronews
24-03-2025
- Entertainment
- Euronews
Streaming revenues exceeded $20bn for the first time ever in 2024, says Global Music Report
ADVERTISEMENT 2024 was quite the year for women in music: Taylor Swift's Eras Tour became the highest grossing tour in history, Beyoncé became the most Grammy nominated artist ever (99) and the top 3 albums of the year globally were from Taylor Swift, Billie Eilish and Sabrina Carpenter. But what do the financials of the industry look like and what are the trends shaping the industry right now? In this episode of The Big Question, Hannah Brown is joined by Victoria Oakley, the CEO of the global body for record labels IFPI, to discuss their latest Global Music Report. How much is the music industry worth? The 'music industry' isn't just one single industry - it's made up of many different parts which in turn influence other industries like travel, hospitality, fashion - as demonstrated by the 2024 ' Swiftonomics ' phenomenon. 'So touring and live and concerts are huge, right? Then streaming - where you perhaps do an awful lot of your listening, there is publishing, there is songwriting , there is music for film, there's music for adverts, there is merchandising. There's this whole ecosystem of different ways in which artists both reach their fans and make money and can thrive as artists,' Victoria explained. According to IFPI's Global Music Report 2025, just one sector of it, global recorded music, grew 4.8% in 2024 and was valued at $29.6 billion (€27.1bn). Though the industry's growth may have slowed in recent years, it's still outperforming many others and significantly higher than the average global GDP growth in 2024 - 3.2% according to the OECD. Europe represented 29.5% of the global figure and grew at a rate of 8.3%, significantly higher than the US & Canada's +2.1%. That's despite the fact that the USA is the world's largest music market, followed by Japan, the UK and then Germany. The main revenue driver? Streaming . Related Beyond Barbie: The toy industry is no longer just for kids, says Mattel The Big Question: How will AI transform the travel industry? What is driving growth in the recording industry? Subscription streaming grew by 9.5% and the number of users across the globe rose 10.6% to 752 million people in 2024. In fact, streaming revenues exceeded $20bn for the first time ever in 2024 ($20.4bn / €18.6bn) and represented 69% of total recorded music revenues. To put that in perspective, $20bn is more than the entire recorded music industry revenues for each year between 2003 and 2020. While streaming is the main driver, it's not the only factor. Although CDs are still popular in Japan, overall physical formats decreased 3.1%. However, that's not the case for vinyl . Vinyl revenues continued to grow in 2024, up 4.6%, which was the 18th consecutive year of growth. ADVERTISEMENT 'In South Korea it's absolutely huge and actually in other parts of the world where they're listening to K-pop , they often buy it first on vinyl,' Victoria said. 'What you also have is a lot of superfans buying vinyl as a collector's item and they will buy multiple different versions. 'So you may have an artist who releases essentially the same record, but with different colours of vinyl, different artwork, different material, different words, different poetry on the insert and it's really important to fans who want to have that really strong personal connectivity with their artist.' Hannah Brown is joined by CEO of IFPI, Victoria Oakley on The Big Question Euronews Related Is the $10bn Spotify gave artists last year enough to silence its critics? What are the trends shaping the music industry right now? '15 to 20+ years ago, you had to sing in English to really make it to the top and so music from America, Britain, Canada did incredibly well in most places.' ADVERTISEMENT 'That is just not the case anymore, anywhere in the world,' Victoria stated. In fact, every European country predominantly listens to music in their own language and so the challenge now is increasing exports to other markets. 'Who'd have thought ten years ago that every teenager all over the world would be listening to K-pop? And so if South Korea can do it, there's no reason that nobody else can't.' 'It's a little bit trickier if your music is in a language that is spoken by very few people around the world but [...] it absolutely can be done,' Victoria added. ADVERTISEMENT The biggest market growths in 2024 were seen in Latin America (+22.5%), Middle East & North Africa (+22.8%) and Sub-Saharan Africa (+22.8%). 'I think one of the interesting stories in terms of Latin American music is how it's reaching the broader world, perhaps taking its rightful place on the global stage.' 'I also think there are a number of countries that are coming into their moment in the music industry in the coming years.' 'So quite what will happen in China and quite what will happen in India remain uncertain but those are huge markets with huge diversity and variety in both their offer of music and what they listen to. And so I think watching both of those markets over the coming years will be really interesting.' ADVERTISEMENT The Big Question is a series from Euronews Business where we sit down with industry leaders and experts to discuss some of the most important topics on today's agenda. Watch the video above for the full conversation about the Global Music Report.
Reuters
19-03-2025
- Business
- Reuters
Music revenues rise again in 2024, boosted by streaming subscriptions, report shows
LONDON, March 19 (Reuters) - Subscription streaming boosted global recorded music revenues for a tenth straight year in 2024, by 4.8% to $29.6 billion, an industry group said on Wednesday, while urging policymakers to protect artists from copyright threats by artificial intelligence developers. Subscriber numbers rose 10.6% to 752 million worldwide, the International Federation of the Phonographic Industry said in its annual Global Music Report. Revenues topped $20 billion for the first time, with paid subscriptions posting 9.5% growth, while advertising-supported formats were up by 1.2%. Performance rights revenues grew 5.9% to $2.9 billion. Revenues for physical formats fell 3.1% to $4.8 billion after a strong 2023. While CD and music video revenues fell, vinyl marked its 18th consecutive year of growth, up 4.6%. "The essential role music plays in so many parts of our lives is evidenced in the continued growth of the global industry," IFPI Chief Executive Victoria Oakley said in a statement. "There is still great potential for further development, through innovation, emerging technologies, and investment in both artists and the evolving parts of the growing global music ecosystem." Revenues rose in all regions, the fastest in the Middle East and North Africa at 22.8%, followed by Sub-Saharan Africa at 22.6% and Latin America at 22.5%. Europe, which accounts for more than a quarter of global recorded music revenues, scored 8.3% growth. Australasia revenues increased by 6.4%. The U.S. and Canada, representing around 40% of global revenues, posted 2.1% growth, while Asia, the third-largest region, chalked up a 1.3% gain. Oakley noted AI's potential to enhance artist creativity and develop new fan experiences, but warned of the dangers of generative AI system developers using copyright-protected music to train their systems without authorisations from rights holders. "We are asking policymakers to protect music and artistry," she said. "We must harness the potential of AI to support and amplify human creativity, not to replace it."
Yahoo
19-03-2025
- Entertainment
- Yahoo
AI Can Be a 'Very Real and Present Threat to Human Artistry,' Music Industry Lobbying Group Warns
Global recorded music industry organization IFPI on Wednesday called on policymakers 'to protect music and artistry,' with CEO Victoria Oakley saying: 'We must harness the potential of AI to support and amplify human creativity, not to replace it.' She also said this about AI in connection with the Global Music Report launch: 'Record companies have embraced its potential to enhance artist creativity and develop new and exciting fan experiences. However, it is very clear that the developers of generative AI systems 'ingesting' copyright-protected music to train their models without authorization from the rightsholders poses a very real and present threat to human artistry.' More from The Hollywood Reporter Tom Burke, Steve Coogan, Hayley Squires, Charlotte Ritchie Board Netflix Drug Gang Drama 'Legends' Studio Films Offer Best Bang for the Buck for Netflix UTA Signs Jack Edwards, Lewis Goodall, Madame Joyce to Growing Creator Division (Exclusive) She made the comments during a launch event in London on Wednesday for IFPI's annual Global Music Report that showed total trade revenue grow 4.8 percent to $29.6 billion in 2024, marking the 10th consecutive year of gains. The increased we driven by a 9.5 percent jump in subscription streaming revenue, despite a 'highly competitive market,' according to the worldwide recording industry organization IFPI. Oakley told the London event: 'At its best, generative AI can be a really powerful tool for artists and consumers alike.' She pointed to generative AI with permission having led to key industry deals already, while on the negative side, AI can contribute to more music piracy. 'But we continue to engage with policymakers around the world to set out clearly that copyright rules, which have served everyone well for years and years and given us innovative new services, including streaming, need to be applied equally in a generative AI world and in a way which is transparent and practical for all involved.' Oakley concluded that 'there is a huge challenge ahead' for the industry and policymakers to create an AI framework that works for both creative and technology companies. Industry executives also addressed the opportunities and threats of AI during a panel discussion that was part of the IFPI report launch event. Cassandra Strauss, senior director, strategic technology and global digital technology at Universal Music Group, led by CEO Lucian Grainge, noted the company's use of AI for marketing and other purposes and its launch of its Responsible AI Initiative this year. 'We are finding ground-breaking partnerships with the private sector in the AI space,' including with YouTube and SoundLabs. 'We're constantly on the lookout for how AI can help and enhance the artist proposition.' UMG though will not be engaging with generative AI companies 'ingesting huge amounts of copyrighted material without a license,' noting that 'a lot of these companies are building fortunes off the back of artists.' Instead, the firm is looking to develop business models that are a win-win proposition. Dennis Kooker, president, global digital business at Sony Music Entertainment, similarly said that he was 'optimistic about the opportunity' tied to AI, highlighting that music as an 'emotional, passionate product that nearly every human on the planet enjoys' always tends to be affected early by technology and other forms of disruption. 'It's why so many entrepreneurs want to work with music, and it's why large platforms need music, a music strategy, because it attracts, acquires and retains customers,' he continued. 'So if done right, we should create a whole new way of listening and engaging with music in this next chapter' with AI. But Kooker also cautioned that 'it is going to take a lot of time, effort and years to build this vision' and 'a lot of heavy lifting, a lot of testing, a lot of trial and error,' concluding: 'History says we will find the next great format. And with that, I think, there will be a very exciting future.' Best of The Hollywood Reporter Most Anticipated Concert Tours of 2025: Beyoncé, Billie Eilish, Kendrick Lamar & SZA, Sabrina Carpenter and More Hollywood's Highest-Profile Harris Endorsements: Taylor Swift, George Clooney, Bruce Springsteen and More Most Anticipated Concert Tours of 2024: Taylor Swift, Bad Bunny, Olivia Rodrigo and More
CairoScene
19-03-2025
- Entertainment
- CairoScene
IFPI ‘25 Global Music Report: MENA Has Fastest Growing Music Market
A rapidly expanding market, a surge in streaming, and a new wave of regional stars. Mar 19, 2025 The Middle East & North Africa (MENA) is officially the fastest-growing music market in the world, with revenues soaring by 22.8% in 2024, according to IFPI's latest Global Music Report. This marks the second time in three years that MENA has led global growth, highlighting the region's increasing influence on the international music landscape. Streaming continues to fuel this rise, accounting for 99.5% of total industry revenues. Subscription-based platforms like Spotify and YouTube have seen significant growth, while local giant Anghami remains a key player in shaping the region's listening habits. 'It is exciting to see MENA become the fastest growing region in the world for recorded music for the second time in three years' said IFPI's MENA Regional Director Rawan Al-Dabbas, 'The music market in MENA continues to evolve in exciting ways, all underpinned by the work and investment of record companies.? The report also underscores the dominance of regional artists. Amr Diab, Ayed, and Tamer Ashour led The Official MENA Chart, with tracks that defined the year. Tamer Ashour's 'Haygeley Mwgoa3' held the #1 spot for 13 weeks, while Ayed's 'Lammah' spent 12 consecutive weeks at the top. Meanwhile, Amr Diab continued his reign with 11 songs in the year's Top 20, reaffirming his position as a regional icon. MENA's music industry outpaced global growth trends, surpassing Latin America (+22.5%) and Sub-Saharan Africa (+22.6%). While North America, Europe, and Asia posted more modest gains, MENA's rapid acceleration signals a shifting power dynamic, with local markets playing a bigger role in shaping the future of global music consumption. For the full report head to
