Streaming Accounted for 67% of Global Recorded Music Revenues in 2023

Streaming services have solidified their dominance, commanding a substantial share of music revenues. As per Stocklytics.com, these services constituted 67% of global recorded music revenues in 2023. This upsurge aligns with a noteworthy increase in users opting for paid subscriptions on platforms like Spotify.

Stocklytics Financial analyst Edith Reads commented on the data:

Streaming has reshaped the music industry by increasing accessibility to various songs and artists. Now listeners can explore various genres, discover lesser-known musicians, and enjoy an unprecedented level of musical variety with convenience.

Stocklytics Financial analyst Edith Reads

Subscription Streaming Revenues

For the first time, paid subscriptions to music streaming services surpassed 500 million worldwide, with over 667 million customers. Streaming income accounted for most of the total gain, climbing 10.4% to $19.3 billion. Subscription streaming revenues increased by 11.2%.

Physical format revenues, which included CDs and vinyl, increased 13.4%, while performance rights revenues increased 9.5%.

Only revenues from downloads and other digital forms declined by 2.6%.

Last year saw the global music market continue its impressive growth trajectory, marking the ninth consecutive year of expansion. Total recorded music revenues surged 10.2% year-over-year to $28.6 billion.

Notably, significant players in the streaming landscape, including Spotify, Apple Music, Amazon Music, and YouTube Music/Premium, implemented price hikes throughout the year, further bolstering revenues in the sector.

Sub-Saharan Africa Leads the Charge

Regionally, Sub-Saharan Africa saw the fastest growth, with revenues up 24.7%. South Africa, its biggest market, accounted for almost 80%% of regional revenues after growth of nearly 20%.

Latin America, followed by revenues of 19.4% in the region’s 14th consecutive year of growth.

Moreover, Asia, the third largest region globally, saw revenues rise 14.9%, driven by physical format and digital revenues. In comparison, the Middle East and North Africa saw an increase of 14.4%, led by streaming. Australasia revenues rose 10.8%.

Europe, the world’s second-largest region in terms of music revenues, accounted for over a quarter of global figures. Its revenues gained 8.9%.

The USA and Canada, representing around 41% of global recorded music revenues, saw a rise of 7.4%.