Toronto, 21 March, 2024: World recorded music revenues reached US$28.6 billion in 2023, a rise of 10.2% year-over-year and the ninth consecutive 12 months of progress, in line with the IFPI’s World Music Report 2024. The report offers a complete annual assessment of the worldwide recorded music market and analyzes points and developments going through the business as we speak.
World income progress was largely pushed by streaming revenues, with subscription streaming growing by 11.2% and accounting for practically half (48.9%) of the worldwide market. In 2023, the variety of paid subscriptions to music streaming companies surpassed 500 million for the primary time, with 667 million customers of paid subscription accounts globally.
In Canada, the music market grew by 12.19% in 2023 to a complete of US$659.6 million, making certain Canada maintained its place because the 8th largest music market on the planet. This progress was largely attributable to streaming revenues, which noticed an 8.6% improve to US$506.8 million. Subscription streaming accounts for the majority of these revenues, with US$404.2 million, up 10.1% year-over-year. Advert-supported audio streaming was up 4.6% to US$59.1 million, whereas ad-supported video streaming elevated barely to US$43.5 million in 2023.
“As Canada modernizes the Broadcasting Act and works to deliver streaming companies into the fold, this report serves as a reminder of the worth of those platforms to Canadians. We’re happy to see increasingly Canadians turning to licensed sources to assist the artists they love most. We’ll proceed our work to make sure Canadian regulatory frameworks don’t push Canadians to unlicensed listening,” stated Patrick Rogers, CEO of Music Canada.
Mirroring a world pattern, Canada noticed sturdy progress in different codecs too. Bodily revenues in Canada jumped practically 20% (19.9%) year-over-year to US$78.7 million in 2023, with a 30.2% spike in vinyl revenues (to US$56.5 million) accounting for the majority of that progress.
“The sustained progress of the music market in Canada is due largely to the efforts of the report corporations, whose continued funding in and fervour for his or her artists is propelling them to new heights,” stated Rogers.
Commenting on the discharge of the World Music Report, IFPI’s Chief Monetary Officer and Interim Joint Head of IFPI, John Nolan, stated: “The figures on this 12 months’s report replicate a very international and various business, with revenues rising in each market, each area and throughout just about each recorded music format. For the third 12 months in succession, each bodily and digital codecs grew with a powerful rise within the customers of paid streaming subscribers – in addition to value will increase – contributing considerably to whole income progress.”
Whereas the worldwide progress in licensed music revenues is heartening, the report additionally highlights the challenges going through the business – particularly, streaming fraud and the abuse of generative AI.
“Music followers vastly worth authenticity and our business has a powerful monitor report of licensing music and supporting the event of recent companies that create these experiences for followers. That stated, we nonetheless want efficient instruments and the assist of authorities to deal with unauthorised makes use of and to make sure the music ecosystem stays one that’s sustainable for the long-term,” stated IFPI’s Chief Authorized Officer and Interim Joint Head of IFPI, Lauri Rechardt.
Music Canada, alongside IFPI, not too long ago labored to shutter a bunch of 9 streaming fraud web sites working in Canada – an instance of Music Canada’s continued efforts to guard rightsholders and the integrity of the Canadian streaming market. And as governments world wide take into account the implications of generative AI, Music Canada continues to work to make sure human artistry is protected and valued.
“Our business is happy by the worth provided by synthetic intelligence, however solely when this software is used responsibly. Basically, we imagine that generative AI techniques that ingest copyrighted works with out authorization are stealing, and Music Canada will proceed to push for strengthened insurance policies and frameworks to guard in opposition to this,” stated Rogers.
The free World Music Report 2024 – State of the Business report is now accessible right here.
ENDS
Notes to editors:
About Music Canada
Music Canada is the commerce affiliation representing Canada’s main report labels: Sony Music Leisure Canada, Common Music Canada and Warner Music Canada. Like its members, Music Canada is a accomplice to the business, working with artists, impartial labels, publishers, platforms, associations and others, in advancing forward-looking insurance policies to make sure a dynamic and profitable Canadian music ecosystem which returns worth to music creators.
For additional data: Regan Reid, Music Canada, rreid@musiccanada.com, (416) 462-1485
About IFPI
IFPI is the voice of the recording business worldwide, representing over 8,000 report firm members throughout the globe. We work to advertise the worth of recorded music, marketing campaign for the rights of report producers and develop the industrial makes use of of recorded music world wide.
For additional data please contact: press@ifpi.org | +44 (0) 20 7878 7979
