SNEP’s Director General has expressed frustration at France’s slow growth in paid music streaming subscriptions.

The SNEP, France’s music label body, has released its stats for the first half of 2024. These stats revealed a 5.9% growth in the first half of 2024, generating €415 million in revenue, with music streaming making up a large portion of that revenue.

In fact, streaming subscriptions played a crucial role indeed, with an 11.3% increase, now making up over 60% of the market’s total earnings. Physical sales dropped by 6.8%, with vinyl outperforming CDs for the first time since the 1980s. Alexandre Lasch, SNEP’s director general, highlighted the need to boost streaming adoption, especially among young listeners, suggesting the inclusion of streaming services in the government’s Pass Culture initiative. This is a €300 grant for all 18 year-olds to be spend on cultural products and activities.

Lasch expressed both optimism and concern, stating, “We are seeing encouraging results but they should be better, particularly those for subscriptions to streaming services, given the path that remains to be covered to reach a satisfactory level of maturity.” He emphasised the importance of maintaining a focus on younger audiences, calling for their engagement in the music market through accessible platforms.

Vinyl’s resurgence continues to play a crucial role in physical sales, but overall, the sector remains fragile. Vinyl revenues grew slightly by 0.2%, while CDs dropped by 13%. Though the CD format is still popular – remaining the leading format in terms of sales – the market trend is clearly shifting toward digital, with vinyl now symbolising a niche yet passionate audience. Furthermore, the data shows that ad-supported streaming saw modest growth: 6.1% for audio and 5.1% for video, though they contribute less than 17% to the total revenue.

SNEP stressed that France’s digital market still has room for growth, particularly in streaming. While the overall picture is promising, Lasch is calling for further governmental support to help the industry reach its full potential. By incorporating streaming subscriptions into cultural policies, such as the Pass Culture, France can better connect younger audiences to music, he believes. Lasch is confident that these efforts could unlock even more growth in the coming years, especially as the digital sector continues to mature.

The French music market’s future hinges on a mix of expanding streaming services, continuing physical sales for dedicated fans, and the potential impact of new technologies like AI.