Global music industry hits record high

New figures released on March 19 show that the global music industry earned $29.6 billion last year, a record high as streaming services generated the highest revenue since the early 1990s.

Singer Taylor Swift performs in Singapore on March 2, 2024. Photo: Getty Images/TTXVN

The music industry grew for the 10th consecutive year, with revenue up 4.8%, according to a report by the International Federation of the Phonographic Industry (IFPI), which represents many global record companies. Streaming services now account for 69% of global revenue, equivalent to $20.4 billion. Meanwhile, revenue from sales of physical tapes, CDs, etc. will fall 3.1% by 2024, after growing 14.5% in 2023. However, revenue from vinyl records increased 4.6% last year, the 18th consecutive year of growth.

The biggest music markets remain the US, Japan and the UK, while the fastest growing regions are the Middle East and North Africa (up 22.8%), Sub-Saharan Africa (up 22.6%) and Latin America (up 22.5%). IFPI confirmed that Taylor Swift will be the most streamed artist in 2024.

However, the world's most-streamed single last year was "Beautiful Things" by US artist Benson Boone, with 2.11 billion streams, followed by "Espresso" by US artist Sabrina Carpenter, with 1.79 billion, and "Lose Control" by US artist Teddy Swims, with 1.7 billion.

At the report’s launch event in London, representatives of the music industry were also concerned about the use of generative artificial intelligence (AI) in the arts. IFPI Director Victoria Oakley said that the technology was illegally “consuming” copyrighted music to train models. She said that AI presented opportunities for the music industry, but also posed a major challenge, noting that it was “a very real and present threat to the arts of humanity.”

According to Tin Tuc Newspaper

Source: https://baoangiang.com.vn/nganh-am-nhac-toan-cau-dat-doanh-thu-cao-ky-luc-a417340.html