Commentary: The Global Music Streaming Sector's Revenue Performance

The music industry continues its digital transformation, with streaming now accounting for 89% of total industry revenue, according to Forbes. This marks a significant shift in how music is consumed and monetised globally, underscoring the dominance of platforms like Spotify, Apple Music, and YouTube Music.

According to the IFPI Global Music Report 2024, music streaming services grew by 10.4% in 2023, reinforcing a nine-year streak of overall industry growth. The global music industry itself grew by 10.2% in the same period, showing how streaming is accelerating growth across the entire ecosystem.

Revenue from streaming alone reached approximately $19.3 billion in 2023, up from $13.6 billion in 2020 and just $0.4 billion in 2010. This represents nearly a 34-fold increase over a decade, as consumer behaviour has shifted decisively toward digital, on-demand listening.

Streaming has reshaped revenue models, artist discovery, and even how music is produced. With curated playlists, algorithmic recommendations, and the rise of viral hits on platforms like TikTok, streaming has become a powerful force in music culture and business strategy.

However, the concentration of revenue in streaming also raises questions about long-term sustainability and artist compensation. As platforms grow, the challenge will be ensuring equitable revenue distribution and maintaining creative diversity.

What’s clear is that music streaming is now the financial engine of the industry, and it shows no signs of slowing down.

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