IFPI and MIDiA recently launched their respective global music reports with key numbers from how the music market did in 2023.
Here’s what we found interesting:
⧉ Global recorded music revenues grew 10.2% to $28.6 billion.
⧉ 2023 marks nine consecutive years of music market growth.
⧉ Streaming grew 10.4%, forming 67.3% of the total market share.
⧉ There are now over 667 million users of paid subscription accounts.
⧉ Non-major labels, including HYBE, saw 13% revenue growth, majors 9%.
⧉ Korean labels generated nearly 70% of non-major expanded rights revenue.
With the industry’s steady growth and billions circulating annually, music rights are increasingly emerging as a strong alternative to traditional investment options.