Global Music Revenues Surge to $28.6 Billion in 2023, Marking Ninth Consecutive Year of Growth

The music industry witnesses a 10.2% increase in global revenues, driven by a significant rise in paid streaming subscriptions.

Global recorded music revenues increased by 10.2% in 2023, reaching $28.6 billion.
The number of paid music streaming subscriptions surpassed 500 million for the first time.
Physical record sales and performance rights revenues also saw strong gains.
The industry faces challenges and opportunities with the rise of artificial intelligence.
Record companies are adapting to changes, with a focus on artist support and evolving business models.