Streaming in Brazil dominates as recorded music industry displays encouraging growth
Recorded music revenue is up 21% in first half of 2024, signalling positive outlook for rightsholders.
The Brazilian music industry is experiencing a remarkable surge in growth this year. Recent data reveals a significant increase in revenue, reflecting the evolving dynamics of the global music landscape.
The first half of 2024 has been a fantastic period for Brazil’s music industry, which has seen a significant boost in recorded music revenue. According to recent reports, the industry grew by 21% compared to the same period last year. These revenues can be attributed to streams and sales, however one outweighs the other a phenomenal amount. A whopping 99.2% of these revenues came from streaming alone, indicating that its dominance of the market in Brazil is enduring.
Pro-Música Brasil, formerly the Brazilian Association of Record Producers – ABPD, reported that streaming subscription figures had increased 28.4% also in the first half of this year. This accounts for $177.2m for the industry, and makes up almost 70% of the overall market.
Revenues for music streaming subscriptions also grew healthily in 2023, rising 21.9% that year. Brazil has been identified as one of the music industry’s “high-potential” key markets, meaning that continued growth in paid music streaming is incredibly welcome news.
President of Pro-Música Brasil, Paolo Rosa, has been quoted in the recent “Brazilian music market grows 21% in the first half of 2024” report stating:
“The 21% in the sector’s digital and physical revenues directly reflect the efforts and investments made by recording companies, both in the production of musical content nationally, as well as in the marketing, promotion and career development of thousands of Brazilian artists.”
Paolo Rosa – President of Pro-Música
It feels like the Brazilian music market is buzzing right now, also partly thanks to some exciting and major developments. Warner Music Brazil made headlines by investing in Sua Música, a local DSP and distributor, back in July. In the same month, Spotify announced plans for its largest live concert yet which will be held in Sao Paolo on October 5th. These moves only further emphasise just how valuable a market Brazil is for the global music industry, and that the major companies are very much aware of this fact.
For independent artists, this boom in the recorded music industry is a sign of great opportunities ahead. Digital distribution platforms have levelled the playing field, making it possible for artists of all sizes to get their music heard worldwide. With the right strategy and understanding of the market, there is plenty of room for growth and success. If you’re an independent artist looking to break into the Latin American market or expand your reach globally, RouteNote can help.