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Global music business sees 10.2% growth in 2023 — industry

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Global music revenues were up 10.2 percent last year to $28.6 billion (P1.61 trillion), according figures released Thursday, but record firms are concerned over how to maintain growth in the streaming era.

PARIS, France — Global music revenues were up 10.2 percent last year to $28.6 billion , according figures released Thursday, but record firms are concerned over how to maintain growth in the streaming era.

The biggest singles in the world were "Flowers" by Miley Cyrus, the only song to surpass 2 billion streams , followed by "Calm Down" by Rema and Selena Gomez and "Kill Bill" by Sza . The fastest-growing regions were Sub-Saharan Africa and Latin America , thanks to the spread of streaming and the rise of local stars like Burna Boy, Asake, J Balvin, and Bad Bunny.The industry has several key concerns, however, particularly as young people spend increasing time on TikTok and games.

"The streaming penetration rate is still very low in France," said Marie-Anne Robert, managing director Sony Music France, at the conference.

 

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Global music business sees 10.2% growth in 2023 — industryGlobal music revenues were up 10.2 percent last year to $28.6 billion (P1.61 trillion), according figures released Thursday, but record firms are concerned over how to maintain growth in the streaming era.
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