The global recorded music industry continued its upward trajectory in 2023, experiencing a substantial 10.2% increase in revenues, reaching a total of $28.6 billion, as reported by the International Federation of the Phonographic Industry (IFPI). Sub-Saharan Africa emerged as the standout performer, boasting an impressive growth rate of 24.7%, fueled predominantly by a surge in paid streaming revenues. Latin America sustained its growth streak for the 14th consecutive year, with revenues rising by 19.4% in 2023.
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Streaming platforms remained the primary driver of revenue growth worldwide, claiming a significant 67.3% share of the total market. Notably, the number of paid subscriptions to music streaming services surpassed 500 million globally, a milestone indicative of the industry’s evolving landscape.
In the midst of this growth, African music executives emphasized the industry’s diversification and cultural exchange, highlighting the importance of partnerships for regional development. They underscored the growth potential across various African genres beyond Afrobeats, citing the increasing global traction of Amapiano and other emerging styles.
Major labels are actively forging partnerships with regional players to capitalize on the vibrant music scenes emerging worldwide. This collaborative approach aims to cultivate talent, strengthen internal markets, and tap into the immense potential of African music on the global stage.
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