Global Music Business Raked In $29.6 bn In 2024: Report

New figures released on Wednesday showed that the global music industry generated revenues of a record $ 29.6 billion last year as revenues increased to their highest level since records began to be sold.

At the launch of the annual IFPI report in London, industry bigwigs expressed concern about the rise of generative AI, but they also expressed concern about paid streaming models’ continued sales.

Taylor Swift topped the list of the most listened-to artists in 2024, according to the International Federation of the Phonographic Industry, which represents global record companies.

However, according to the report, Benson Boone’s “Beautiful Things” received 2.11 billion streams in the year, followed by Sabrina Carpenter’s “Espresso” (1.79 billion streams) and Teddy Swims’ “Lose Control” (1.77 billion streams).

According to the report, the music industry increased for the tenth consecutive year, recording revenues that increased by 4.8%. More than two-thirds (69%) of global revenues, or $ 20.4%, are now streamed.

Following a 14.5 percent increase in 2023, physical format revenue decreased by 3.1 percent in 2024.

However, vinyl sales increased by 4.6 percent in 2024, marking the 18th consecutive year of growth.

AI jitters

The fastest-growing regions were Middle East and North Africa (up 22.8%), Sub-Saharan Africa (up 22.6%), and Latin America (up 22.5%), while the biggest music markets were still the United States, Japan, and Britain.

At the launch event, acoustic music industry representatives expressed concerns about the use of generative AI.

Victoria Oakley, the IFPI boss, claimed that the technology was “ingesting” copyrighted music without authorization.

Source: Channels TV