In 2024, the global music industry grew 4.8%, reaching revenues of $29.6 billion, according to the International Federation of the Phonographic Industry (IFPI). This increase was primarily driven by the rise in subscriptions to streaming services, which saw a 10.6% increase, totaling 752 million users.
Regional Growth
Regionally, the Middle East and North Africa recorded the most significant increase with +22.8%, followed by Sub-Saharan Africa (+22.6%) and Latin America (+22.5%). In Europe, revenues increased by 8.3%, while in the United States and Canada, growth was more modest, at 2.1%.
Focus on Spain
In Spain, the music industry showed positive signs. According to Promusicae, revenues from recorded music increased 9.42% in 2024, reaching nearly €569 million. However, sales of physical media, including vinyl, declined 13.25%, indicating a growing preference for digital consumption.
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Trends in music formats
Despite the overall decline of physical formats, vinyl continued to show global growth for the eighteenth consecutive year, with a 4.6% increase in 2024. However, in Spain, vinyl sales saw an 8% decrease, suggesting shifts in consumer preferences at the local level.
Challenges and Future Prospects
The IFPI has highlighted the need to protect copyright in the age of artificial intelligence, emphasizing the importance of ensuring that musical works are not used without permission. Looking to the future, the music industry will face challenges related to technological evolution and changing consumer habits, while also seeking to support growth and innovation in the sector.
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Sources: Reuters |Cadena SER
