Global music business raked in $29.6 bn in 2024: report

The biggest creator successful the satellite was -- erstwhile again -- Taylor Swift. Photo: Robyn Beck / AFP
Source: AFP

The planetary euphony industry raked successful a grounds $29.6 cardinal past twelvemonth arsenic online streaming propelled revenues to their highest level since records began successful the 1990s, caller figures showed connected Wednesday.

Industry bigwigs astatine the motorboat of the yearly IFPI study successful London said paid streaming models were driving profits, but voiced concerns implicit the emergence of generative AI.

The International Federation of the Phonographic Industry, which represents planetary grounds companies, besides confirmed that Taylor Swift had topped their database of the astir listened-to artists successful 2024.

But the study said the world's biggest singles past twelvemonth were "Beautiful Things" by Benson Boone, with 2.11 cardinal streams, followed by Sabrina Carpenter's "Espresso" (1.79 cardinal streams) and "Lose Control" by Teddy Swims (1.7 cardinal streams).

The music manufacture grew for the tenth consecutive twelvemonth with revenues up 4.8 percent, the study said. Streaming present accounts for much than two-thirds (69 percent) of planetary revenues, oregon $20.4 billion.

Revenues from carnal formats dropped by 3.1 percent successful 2024, pursuing a 14.5 percent summation successful 2023.

But vinyl revenues were up 4.6 percent successful 2024, the 18th consecutive twelvemonth of growth.

AI jitters

The biggest euphony markets remained the United States, Japan and Britain, portion the fastest-growing regions were the Middle East and North Africa (up 22.8 percent), Sub-Saharan Africa (up 22.6 percent) and Latin America (up 22.5 percent).

US vocalist Sabrina Carpenter's "Espresso" was 2024's 2nd biggest single. Photo: Frederic J. Brown / AFP
Source: AFP

At the motorboat event, representatives from the euphony manufacture voiced concerns implicit the usage of generative AI.

IFPI brag Victoria Oakley said the exertion was 'ingesting' copyrighted euphony to bid models without permission.

AI represented an accidental for the industry, but besides a "huge situation ahead," she said, calling it "a precise existent and contiguous menace to quality artistry."

PAY ATTENTION: Сheck retired quality that is picked exactly for YOU ➡️ find the “Recommended for you” artifact connected the location leafage and enjoy!

Source: AFP