The French recorded music market grew 5.9% in the first half of 2024, driven by double-digit growth in paid subscription revenue, with French artists dominating the charts during the period.
According to data from industry groups SNEP (this National Recording Publishing Group), the recorded music turnover in the first half of 2024 will reach 415 million euros ($449 million At half the average exchange rate), streaming accounts for €328 million ($355 million) that.
Paid subscriptions accounted for the largest share of streaming revenue, with revenue €258.5 million ($279.5 million), or 62.2% accounts for all recorded music revenue. Paid subscription revenue rises Annual increase of 11.3%the strongest growth of any recorded music segment.
Ad-supported streaming appears on 38 million euros ($41.1 million), up Annual increase of 6.1%. Digital music revenue totals €332.7 million ($359.8 million), up Annual growth of 9.6%.
“However, these performances are not enough to compensate for the delay in the development of paid streaming in France,” SNEP said in the report.
Physical music sales decline Annual increase of 6.8%arrive 82.5 million euros ($89.2 million), driven by a Annual increase of 13.2% CD sales drop, €37.8 million ($40.9 million). Vinyl sales hold steady at 41.8 million euros ($45.2 million), up Annual growth of 0.2%.
SNEP notes that this is the first time since the 1980s that vinyl record sales have exceeded CD sales.
“We are seeing encouraging results, but they should be better, especially for streaming subscriptions, as we still need to reach a satisfactory level of maturity,” the SNEP chief executive said. Alexander Lasch explain.
“We are seeing encouraging results, but they should be better, especially for streaming subscriptions, given that we still need to reach a satisfactory level of maturity.”
Alexander Rush, SNEP
Rush said he would like to see the government “redefine” the importance of music subscriptions in the country’s “Culture Pass” scheme, an app launched by the French government that allows young people to attend a variety of well-located Cultural and artistic activities and venues.
Whether due to government policy or cultural shifts, national music increasingly dominates France’s recorded music market, mirroring local music trends in many European countries.
SNEP reports that 16 of 20 The best-selling albums in France in the first half of 2024 were all produced in France; 72% top 200 The album is produced locally. at the same time, 15 of 20 The most played track is in French.
Still, the global superstar hasn’t been completely pushed out of the French music scene. SNEP states Taylor SwiftThe Eras tour, which stopped in France in the first half of the year, “created a real craze everywhere” [her] music.
SNEP notes that many other international stars making a major impact in the first half of 2024 are women, including billie eilish, ariana grande, Dua Lipaand beyonce.
period, 130 Album gets certified, adds 20% annual increaseSNEP said. These include 73 Gold certification; 54 Platinum, Double Platinum or Triple Platinum certification; one Diamond certification; and two Double Diamond certifications.
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