International recorded music revenues grew by an estimated 9.8% YoY in 2023 to succeed in USD$35.1 billion.
That’s in accordance with a brand new report revealed by MIDiA Analysis on Monday (March 18). MIDiA’s report arrives just a few days earlier than world recorded music physique IFPI publishes its annual International Music Report, which incorporates knowledge on the worldwide recorded music marketplace for 2023.
MIDiA notes that the worldwide recorded music market is now greater than double (124.5%) the dimensions it was in 2015.
MIDiA additionally estimates in its report that streaming revenues grew 9.6% YoY to $21.9 billion in 2023 (see beneath).
The corporate notes, nonetheless, that “streaming development lagged whole market development for the primary time”, with streaming’s share of whole recorded music revenues “falling barely” to 62.5%.
One other key takeaway from MIDiA’s report is what it calls “a strategic shift in the direction of superfan engagement” in 2023, a development it says is “evidenced by the expansion in expanded rights and a rebound for bodily”.
MIDiA estimates that expanded rights income, which it calls “one of many major constructing blocks of tomorrow’s music enterprise,” grew by 15.5% YoY to hit $3.5 billion in 2023 – accounting for 10% of all world recorded music revenues.
MIDiA says in its report that the estimated 9.8% YoY development seen final 12 months “highlights the business’s resilience and flexibility,” and that “the altering mixture of revenues factors to an business on the cusp of transformational change”.
MIDiA says that “the rise of the fan economic system” is central to this transformation.
The corporate additionally studies that bodily music revenues “skilled a resurgence” in 2023, with revenues climbing by an estimated 4.6% YoY.
MIDiA says that bodily is “rising because the business kingmaker” and notes that “thus far on this decade, every of the 2 years that bodily revenues grew, business income development was robust, and within the two years bodily fell, business development was gradual”.
MIDiA additionally breaks out its estimates for main document firm revenues, reporting that Common Music Group “maintained its place as the biggest label group” final 12 months, capturing a 28.3% market share, with revenues totaling $9.9 billion.
Sony Music Group, in accordance with MIDiA, was “the quickest rising main label” in share 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 business is starting to bifurcate between the normal, streaming-focused enterprise and a brand new one during which fandom and creation will take centre stage.”
Mark Mulligan, MIDiA
MIDiA’s managing director and music business analyst, Mark Mulligan, stated: “The business is starting to bifurcate between the normal, streaming-focused enterprise and a brand new one during which fandom and creation will take centre stage.
“Welcome to the primary 12 months of tomorrow’s music enterprise”.Music Enterprise Worldwide
