Music biz sees 10.2% growth in 2023: industry

LONDON

Global music revenues were up 10.2 percent last year to $28.6 billion, according figures released on March 21.

The biggest artist in the world was, no surprise, Taylor Swift, according to the annual report by International Federation of the Phonographic Industry, which represents global record companies.

Swift was followed closely by two Korean bands, Seventeen and Stray Kids, reflecting the increasing spread of K-Pop.

The biggest single in the world was "Flowers" by Miley Cyrus, the only song to surpass 2 billion streams (2.7 bn).

The music industry grew for the ninth consecutive year, thanks largely to the continued growth of streaming (up 11.2 percent), which now accounts for more than two-thirds (67.3 percent) of global revenues.

Paid streaming subscriptions soared past 500 million for the first time to reach 667 million.

Physical formats, particularly vinyl, also saw growth, with sales up 13.4 percent.

"The figures in this year's report reflect a truly global and diverse industry, with revenues growing in every market, every region and across virtually every recorded music format," said John Nolan, IFPI's chief financial officer.

The fastest-growing regions were Sub-Saharan Africa (up 24.7 percent) and Latin America (19.4 percent), thanks to the spread of streaming and the rise of local stars like Burna Boy, Asake, J Balvin and Bad Bunny.

The biggest music markets remained the United States, Japan and Britain.