Global recorded music revenues rose for tenth consecutive year

Recorded music revenues rose for the tenth straight year in 2024, reaching $29.6 billion, according to the latest Global Music Report by the International Federation of the Phonographic Industry (IFPI). This growth marks a significant turnaround after nearly two decades of decline in the music industry. Streaming services were the main driver of this growth, generating $20.4 billion and making up 70% of total music earnings. While digital music thrived, physical music sales saw a slight drop after three years of increases. The report noted that the Middle East and North Africa (MENA) experienced the fastest growth in recorded music revenues, with a 22.8% increase. Other regions like Sub-Saharan Africa and Latin America also showed strong growth, at 22.6% and 22.5% respectively. The shift to digital music has had mixed effects. From 2001 to 2010, physical sales fell sharply, costing the industry $13 billion in revenue. Although digital sales grew to $4 billion, they could not offset the losses from declining CD sales until streaming became popular. Despite the accessibility offered by streaming, independent artists often earn very little for each stream. Rob Stringer, chairman of Sony Music Group, emphasized the need for fair compensation for artists, suggesting that a respectful partnership can help the industry grow. The report also discussed the use of artificial intelligence (AI) in music. For instance, Universal Music Group worked with Soundlabs AI to recreate Brenda Lee's voice for a Spanish version of her famous holiday song. Warner Music Group’s AI project helped recreate country star Randy Travis's voice, allowing him to perform again after losing his ability to speak due to a stroke.