The global music industry generated a record $29.6 billion in revenue last year, marking its highest earnings since records began in the 1990s, according to new figures released on Wednesday.
Online streaming played a major role in driving the growth, with streaming revenues accounting for 69 percent of total earnings, or $20.4 billion.
The International Federation of the Phonographic Industry (IFPI), which represents global record companies, reported that 2024 was the industry’s tenth consecutive year of growth, with overall revenues rising by 4.8 percent. While revenues from physical formats declined by 3.1 percent last year, vinyl sales continued to rise, marking an 18th straight year of growth with a 4.6 percent increase.
Taylor Swift was confirmed as the most listened-to artist in 2024, while the biggest singles of the year were “Beautiful Things” by Benson Boone, which amassed 2.11 billion streams, followed by Sabrina Carpenter’s “Espresso” with 1.79 billion streams and “Lose Control” by Teddy Swims with 1.7 billion streams.
The United States, Japan, and the United Kingdom remained the largest music markets, while the fastest-growing regions were the Middle East and North Africa (up 22.8 percent), Sub-Saharan Africa (up 22.6 percent), and Latin America (up 22.5 percent).
Despite the industry’s success, concerns were raised about the impact of generative AI on music rights. IFPI CEO Victoria Oakley warned that AI technology was using copyrighted music to train models without permission. While acknowledging AI’s potential benefits, she described it as a “huge challenge ahead” and a “very real and present threat to human artistry.”
Source: Linda Ikeji Blog