Music revenues rose in 2024, boosted by streaming subscriptions

LONDON (REUTERS): Subscription streaming boosted global recorded music revenues for a tenth straight year in 2024, by 4.8 per cent 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 per cent to 752 million worldwide, the International Federation of the Phonographic Industry said in its annual Global Music Report.

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Revenues topped $20 billion for the first time, with paid subscriptions posting 9.5 per cent growth, while advertising-supported formats were up by 1.2 per cent. Performance rights revenues grew 5.9 per cent to $2.9 billion.

Revenues for physical formats fell 3.1 per cent 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 per cent.

“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 per cent, followed by Sub-Saharan Africa at 22.6 per cent and Latin America at 22.5 per cent.

Europe, which accounts for more than a quarter of global recorded music revenues, scored 8.3 per cent growth. Australasia revenues increased by 6.4 per cent.

The US and Canada, representing around 40 per cent of global revenues, posted 2.1 per cent growth, while Asia, the third-largest region, chalked up a 1.3 per cent 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.

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“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.”