Global Music Business Rakes in US$29.6 Billion Last Year
Record-Breaking Figures
The global music industry has seen a record-breaking year, with revenues reaching a staggering US$29.6 billion in 2024. According to the International Federation of the Phonographic Industry (IFPI), this marks the tenth consecutive year of growth, with a 4.8% increase in revenues.
Streaming Propels Revenues
Paid streaming models are driving profits, with streaming now accounting for more than two-thirds (69%) of global revenues, or US$20.4 billion. This growth is attributed to the rise of online streaming services, which have become increasingly popular among music fans.
Top Artists and Tracks
The report also revealed that Taylor Swift topped the list of the most listened-to artistes in 2024. The world’s biggest singles last year were “Beautiful Things” by Benson Boone, with 2.11 billion streams, followed by Sabrina Carpenter’s “Espresso” (1.79 billion streams) and “Lose Control” by Teddy Swims (1.7 billion streams).
Vinyl Sees Growth
Despite a decline in physical format sales, vinyl revenues were up 4.6% in 2024, marking the 18th consecutive year of growth.
At the launch of the report, industry representatives voiced concerns over the use of generative AI. IFPI boss Victoria Oakley highlighted the technology’s potential to “ingest” copyrighted music to train models without permission, calling it a “huge challenge ahead” and a “very real and present threat to human artistry.”
Growth Markets
The biggest music markets remained the US, Japan, and Britain, while the fastest-growing regions were the Middle East and North Africa (up 22.8%), Sub-Saharan Africa (up 22.6%), and Latin America (up 22.5%).
Conclusion
The global music industry’s record-breaking figures are a testament to the power of music in bringing people together. As the industry continues to evolve, it is crucial that we address the challenges and opportunities presented by emerging technologies, such as AI. By doing so, we can ensure a bright future for the music industry and its artists.
FAQs
* What is the global music industry’s total revenue for 2024?
+ US$29.6 billion
* What percentage of global revenues is generated by streaming?
+ 69%
* Who topped the list of the most listened-to artistes in 2024?
+ Taylor Swift
* What was the world’s biggest single in 2024?
+ “Beautiful Things” by Benson Boone
* What is the biggest concern for the music industry regarding AI?
+ The potential for generative AI to “ingest” copyrighted music without permission, posing a threat to human artistry.