The Global Music Report, published by the International Federation of the Phonographic Industry, has examined the state of the music industry at the global level and presents a comprehensive picture of the growth, changes, and challenges facing this field. Based on the findings of this report, the global music industry in 2023 experienced striking growth and its value, with a 10.2 percent increase, reached 28.6 billion dollars. This trend indicates the continuation of this industry's consecutive growth for the ninth consecutive year.
One of the key points of this report is the growing dominance of streaming platforms in the music market. According to the data presented, 67.3 percent of this industry's total revenue has come from streaming, and among this, subscription streaming (Subscription Streaming), with a 48.9 percent share, has had the greatest impact. This indicates a change in the pattern of music consumption from purchasing physical copies and digital downloads to subscription models and streaming platforms. Also, revenue from the sale of physical music copies such as CDs and vinyl records has seen 13.4 percent growth, which indicates a gradual return of audiences' interest in these formats.
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Machine-translated from Persian by Namafar; the Persian original is authoritative. Read the original in Persian