Global Music Report: Streaming Income is the first time to exceed 20,000,000,000 $ 2024

2024 was a great year for women in music: Eras Tour Swift Tour Most Great History, Beionus became the most Grammy recommendations (99), and 3 best albums worldwide Taylor Swift, Billy Elish and Sabrina Captain.

But how is the sector funds, and what are the trends of designing it today?

In this episode of ‘The Big Campand’, Hannah Brown speaks to Victoria Okli, the general director of IFPI, the world organization for registration stamps, in her recent global music report.

How much is the music industry?

“Music industry” is not a profession, but it is created by many areas, which, in turn, affects other industries such as travel, hospitality or fashion, which has been proven by the “Swiftonamic” of 2024.

“So, tours, live and concerts are the biggest, right? There is then streaming, where you can do it, version, composition, music for films, music for ads, music and commercial ads for ads.

According to the IFPI’s Global Music Report, only one sector in the world increased by 4.8% by 2024, and it was $ 29.6 billion (27.1 billion euros).

Although the growth of the sector has slowed in recent years, it has continued to exceed many, and in 2024 the average global GDP growth is significantly higher than that: 3.2%.

Europe represented 29.5% of the world’s number and grew at 8.3%, which is significantly higher than the United States and Canada +2.1%. The United States is the world’s largest music market, followed by Japan, United Kingdom and Germany.

The main income machine? Streaming.

What stimulates the growth of the registration sector?

Subscription streaming increased by 9.5% and the number of users worldwide increased by 10.6% in 2024 to 752 million people.

In fact, streaming revenue reached $ 20,000 million in 2024 ($ 20.4 billion / 18.6 billion) and 69% of the total revenue from registered music.

To look forward to this, between 2003 and 2020, between 2003 and 2020, the music industry is more than $ 20,000 million more than all year income.

Although streaming is the main machine, it is not the only factor.

Although the CDs are still popular in Japan, the body shapes are usually 3.1%. However, it is not the case of vinin.

Vinyl income continued to grow in 2024, which means 4.6%, which means continuously 18th year growth.

Advertisement

“It is absolutely great in South Korea. In fact, K-bop in other parts of the world usually buy first in vinin,” Victoria explains.

“There are many superbanes that buy vininies like collector objects and get different versions.

“So an artist can publish the same album based on the same album, but it is very important for fans who want to have different vinyl colors, different illustrations, different words, different words, different poems, different poems in step, and that serious personal contact with their artist.”

What are the tendencies that now decide on the music industry?

“15 or 20 years ago, you had to sing in English to get first, so the music of the United States, Great Britain and Canada was incredibly better in most places.”

Advertisement

“It’s no longer in the world,” says Victoria.

In fact, every European country listens to all the music in its own language, so now the challenge is to increase exports to other markets.

“Who would have thought that all adolescents in the world would listen to K-pap ten years ago? If South Korea can do so, there is no reason that no one else can get it.”

“If your music is in the language of speaking very few people around the world, it is a little complicated, but (…) it can certainly do it,” says Victoria.

Advertisement

In 2024, the highest market growth was recorded in Latin America (+22.5%), the Middle East and North Africa (+22.8%), as well as sub -Sahara Africa (+22.8%).

“One of the interesting stories about Latin American music is how it generally reaches the world, and maybe occupied the place of the world.”

“I hope that there are many countries at the time of the music industry in the coming years.”

“We do not know what is happening in China or India, but these are the greatest markets with great diversity and versatility in both their musical offer and their listening. I think it will be very interesting to look at both markets in the coming years.”

Advertisement

‘Bhaktan’Giant questionThis is a project of ‘Euro -Business’ in which we will chat with the leaders and experts of this department to talk about the most important topics of the current panorama.

Check out the video above for a complete conversation about the global music report.