IFPI’s 2023 report reveals a global music streaming boom with over 500 million subscribers fuelling music industry growth.

The music industry is experiencing a major boom, fueled by a surge in streaming subscriptions that has surpassed a staggering 500 million users globally, according to the latest IFPI Global Music Report 2024. This explosive growth, coupled with continued support from record companies, paints a bright picture for the future of music.

The report highlights the undeniable dominance of streaming. Paid subscriptions are the driving force behind revenue growth, rising by 11.2% in 2023. They report over 500 million paid subscribers to music streaming services around the world.

Streaming subscriptions led another year of impressive global recorded music revenues growth, rising 10.2% in 2023. Paid music streaming subscriptions made up nearly half of the global recorded music revenues, accounting for 48.9% of the total.

Music growth in new global territories

The IFPI report boasts positive revenue growth across all regions, with some exceeding 10% like Latin America and Asia. Established powerhouses like the USA & Canada and Europe remain at the forefront, while Sub-Saharan Africa and China are experiencing the fastest growth rates. This global rise indicates a thriving international music scene with diverse tastes and artists gaining recognition worldwide.

Spotify recently revealed how their platform had transformed music consumption in India after just 5 years in the territory. Latin America has also seen a decade of explosive growth, with Latin Americans making up 20% of Spotify subscribers.

Independent artists surge with streaming

The proliferation of music streaming services has brought radical changes to the industry. Globally accessible platforms that eschew the limitations of physical formats have given independent artists more reach than ever. As streaming grows, so does the market share that indie artists and labels have.

Spotify recently reported that independents receive half of Spotify’s revenue payouts. As music streaming subscriptions and revenue boom, this is an incredible tale of the potential for independent artists taking control of the industry without the grip of major labels.

With over 500 million strong subscribers driving innovation and revenue growth, the music industry is in a state of exciting transformation. While challenges remain, the future looks promising for established artists, record companies, and the ever-growing world of independent music.

Upload your music to the world’s favourite streaming services for FREE. Distribute unlimited releases worldwide and earn streaming revenues from every play at www.routenote.com.