IFPI - Global Music Report 2023

The Global Music Report 2023 is a comprehensive report that provides insights into the state of the music industry. The report highlights the need for a robust and sustainable music ecosystem that supports great music and ensures fair compensation for creators. As the music industry expands, record companies face the challenge of protecting the value of music and ensuring recognition and returns for artists. However, the report also highlights the story of innovation and growth in the music industry, driven by great artists and their music. The report reveals impressive revenue growth, with the global music market experiencing a 9.0% growth in revenue. Streaming platforms continue to dominate the music industry, with an overall streaming share of 67.0% of global revenue. Subscription audio streaming revenue saw a growth of 10.3%, and the value of global recorded music revenues reached US$ 26.2 billion. This marks the eighth consecutive year of growth for the music industry. The report also discusses the upcoming chapters on the horizon, such as the Metaverse and AI, and how they will impact the music industry. The industry aims to unlock the next phase of growth and support long-term careers for artists and songwriters. The report stresses the importance of record companies staying true to their core values in fast-developing territories as much as they are in their traditional strongholds. Overall, the Global Music Report 2023 provides valuable insights into the music industry and its future.