GMR
ISRCIndustry
Data
Engagement with streaming drives growth of the global music market
Global growth by region 2023
$28.6bn
the total value
of the recording
industry in 2023
+11.2%
growth in subscription
streaming revenues in 2023
67.3%
of global industry
revenue comes from
streaming
$7.1bn
is invested in A&R and
marketing by record
labels annually
*Revenue amounts shown in US dollars
Global recorded music revenues by segment 2023
In 2023, global recorded music revenues grew by 10.2%. This was the ninth consecutive year of global growth. Revenues increased in every region.
Digital revenues have increased steadily over the past few years and streaming continued to be the dominant format globally, accounting for 67.3% of global recorded music revenues after increasing by 10.4% in 2023. By the end of that year, there were 667 million users of paid subscription accounts globally.
Global Music Listening Habits
Music has abiding meaning and value to people. Within cultures worldwide, music is tightly woven into the fabric of life. It plays an irreplaceable role in providing entertainment, constructing identity, communicating feeling and emotion, and offering both a shared human experience and one that is highly individual.
For most people, the ways in which we listen to, discover, and consume music have changed rapidly in recent years. IFPI conducts original research into music consumption in order to better understand the habits and meaning invested in music across the globe within a continually developing music landscape. IFPI released the Engaging with Music 2022 report in November 2022. The report examined the ways in which music listeners engaged with recorded music across 22 of the world’s largest music markets.
Engaging with Music 2023 highlights:
20.7 hours
Time spent listening to music each week – up from 20.1 hours in 2022. That’s the equivalent of listening to an additional 13 3-minute songs a week.
48%
Listened to music using subscription audio streaming.
74%
Of people with awareness of AI’s music capabilities agree that AI should not be used to clone or impersonate artists without authorisation.
71%
Of people say music is important to their mental health.
700+
Over 700 genres were chosen by study respondents when asked the music they typically listen to.
29%
Almost a third of people use unlicensed or illegal ways to listen to or obtain music.
The Music Engagement Mix 2023
