The central result is this: 10.2% revenue growth in 2023. It is the topline growth figure in an multifaceted industry that earns money in several parallel formats:
- subscription streaming (+11.2%)
- physical products (+13.4%)
- performance rights revenues (+9.5%)
The IFPI breaks out the total streaming share of global revenue (subscription and ad-supported streaming) — it is 67.3% of the global pot.
One global infographic lays out the broad picture of 2023 revenue growth by continent:
“The partnership between record company and artist continues to define and shape music in all its wonderful and extraordinary forms.” –IFPI
An evangelizing spirit pervades this report, which is a 29-page infographic. Throughout, record labels and the artist-label relationship, are evangelized as the engine driving a robust industry.
We will dig into further coverage of this important annual data feast in coming days. For now, the report is freely available HERE.
