The International Federation of the Phonographic Industry says global recorded music revenue increased by 10.2 percent in 2023, with sub-Saharan Africa seeing the fastest growth.its 2024 report on Thursday, covering the global music industry dynamics of 2023.
The IFPI also reported that subscription streaming revenues grew by 11.2 percent, constituting almost half of the global market.The organisation said the number of paid subscriptions to music streaming services in 2023, exceeded 500 million for the first time. The report said sub-Saharan Africa had the fastest revenue growth of all the seven regions captured and was the only one to surpass 20 percent growth.Advertisement
According to the document, a 7.4 percent gain in 2023 in the USA and Canada, represented the greatest share of global recorded music revenues .