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Global recorded music revenue and streaming grew more slowly in 2024
The global recorded music market has seen significant growth over the past few years, driven primarily by the rise of streaming. However, new data suggests that the pace of this growth may be slowing down.
According to a report from MIDIA Research, the global recorded music market reached $1.6 billion in revenue last year. While this number is still an impressive increase from previous years, it represents a slower rate of growth than previously seen.
The report also highlights that 66% of this revenue came from four Asian record labels. This significant concentration of revenue in these companies suggests that the global market may be becoming more consolidated, with smaller players struggling to compete.
On the other hand, non-majors’ physical sales experienced a decline of 6.4%. This drop is likely due to the continued shift towards digital streaming and the decline of physical album sales.
The slowdown in growth can be attributed to various factors, including changes in consumer behavior and increased competition within the market.
Source: https://www.billboard.com/pro/global-recorded-music-revenue-streaming-growth-2024/
