US singer-songwriter Taylor Swift performs during her Eras Tour at Sofi stadium in Inglewood, California, August 7, 2023. – Latin America awaits pop superstar Taylor Swift with fervor but also with frustration: many fans are young people who suffer from economic hardship, yet they assume the high cost of tickets and are not resigned to the apparent irregularities in sales.
The biggest singles in the world were “Flowers” by Miley Cyrus, the only song to surpass 2 billion streams , followed by “Calm Down” by Rema and Selena Gomez and “Kill Bill” by Sza .The music industry grew for the ninth consecutive year, thanks largely to the continued growth of streaming , which now accounts for more than two-thirds of global revenues.Physical formats — particularly vinyl — also saw growth, with sales up 13.4 percent.
“The worst ad-supported, short-clip video platforms have no chance of leading to paid subscriptions and are becoming the primary consumption platforms for many young consumers,” said Dennis Kooker, of Sony Music, at a press conference to launch IFPI’s report.Universal Music Group recently yanked its music off TikTok in a feud over the app’s approach to AI-generated music and song royalties.