Which country has the biggest music industry in 2023?
The top 10 music markets in the world in 2023 have been revealed by this year’s IFPI Global Music Report. Which country is number one?
Every region around the world saw music industry growth in 2022. The IFPI Global Music Report 2023 has been published, showing the state of the music industry based on revenues and trends in markets around the globe, and results are positive.
As revealed in the report, the global music market grew by 9% to $26.2 billion. 2022 saw China joining the top five biggest music markets for the first time, and Brazil returned to the top ten, which you can view below.
Top 10 music markets in 2023
- USA
- Japan
- UK
- Germany
- China
- France
- South Korea
- Canada
- Brazil
- Australia
Image Credit: IFPI
The biggest region for recorded music in 2022 was the USA and Canada, followed by Europe, with the Middle East and North Africa third. The fastest-growing region in 2022 meanwhile was Sub-Saharan Africa, growing by 34.7%, driven by South Africa which is the region’s biggest market.
Latin American revenues rose by 25.9%. Asian revenues grew by 15.4%, with the region accounting for 22.9% of the overall global market. Australasia saw growth of 8.1%, up from 4.7% the previous year.
Revenues in the USA and Canada grew by 5% in 2022, and within that the USA’s recorded music revenues rose above $10 billion for the first time, whilst Canada’s increased by 8.1%. Europe streaming revenues made up 26% of the global total, and over half the total revenues from performance rights.
Frances Moore, Chief Executive of the IFPI, said: “Music continues to grow globally, and artists are increasingly interconnected with fans as a result of the worldwide infrastructure and investment from record companies. Alongside this, record companies are building and developing local teams around the world who are on the ground, working with current and emerging artists from a growing variety of music scenes.
“This is driving music’s development whilst enabling fans to seize the expanding opportunities to embrace and celebrate their own local artists and culture.”
The IPFI noted that with different regions at different stages of development, strategies for growth vary around the world. In South Africa, a challenge is converting streaming platform users from free users to subscribed. In Australasia meanwhile over 70% of Australian households and over 66% in New Zealand now pay for music subscriptions, and therefore the focus is now shifting elsewhere for growth.
Also highlighted was the importance of recognising the global potential of local repertoire, with major record labels investing in domestic music to introduce new genres and styles to listeners around the world, and help local artists forge global careers.