International recorded music revenues grew 9.8% YoY in 2023 to achieve USD$35.1 billion.
That’s in line with new estimates in a report revealed by MIDiA Analysis at present (March 18), which arrives just a few days earlier than international recorded music physique IFPI publishes its annual International Music Report, together with information on the worldwide recorded music marketplace for 2023.
MIDiA estimates that streaming revenues reached $21.9 billion in 2023 (see beneath), representing a 9.6% YoYimprove from the earlier 12 months, however the firm notes that “streaming progress lagged complete market progress for the primary time”, with streaming’s share of complete recorded music revenues falling barely to 62.5%.
MIDiA notes that the worldwide recorded music market is now greater than double (124.5%) the dimensions it was in 2015.
One other key takeaway from MIDiA’s report is what it calls “a strategic shift in direction of superfan engagement” in 2023, a pattern it says is “evidenced by the expansion in expanded rights and a rebound for bodily”.
MIDiA studies that expanded rights income, which it calls “one of many principal constructing blocks of tomorrow’s music enterprise,” grew by 15.5% YoY to hit $3.5 billion in 2023 and accounted for 10% of all international recorded music revenues.
MIDiA says in its report that the estimated 9.8% YoY progress seen final 12 months “highlights the trade’s resilience and adaptableness,” and that “the altering mixture of revenues factors to an trade on the cusp of transformational change”.
MIDiA says that “the rise of the fan economic system” is central to this modification.
The corporate additionally estimates that bodily music revenues “skilled a resurgence” in 2023, with revenues climbing by 4.6% YoY.
MIDiA says that bodily is “rising because the trade kingmaker” and notes that “thus far on this decade, every of the 2 years that bodily revenues grew, trade income progress was robust, and within the two years bodily fell, trade progress was sluggish”.
MIDiA additionally breaks out its estimates for main document firm revenues, reporting that Common Music Group “maintained its place as the most important label group” final 12 months, capturing a 28.3% market share, with revenues totaling $9.9 billion.
Sony Music Group, in line with MIDiA, was “the quickest rising main label” in proportion phrases, with revenues rising by an estimated 11.6% YoY, claiming an estimated 0.3 factors of market share, giving Sony Music Group a 20.3% share of the worldwide recorded music market.
“The trade is starting to bifurcate between the standard, streaming-focused enterprise and a brand new one by which fandom and creation will take centre stage.”
Mark Mulligan, MIDiA
MIDiA’s managing director and music trade analyst, Mark Mulligan, stated: “The trade is starting to bifurcate between the standard, streaming-focused enterprise and a brand new one by which fandom and creation will take centre stage.
“Welcome to the primary 12 months of tomorrow’s music enterprise”.Music Enterprise Worldwide