It’s fair to say that the global music industry was in a bit of a slump last week.
Only a reckless executive could Recording Industry Association of America It was confirmed on Thursday (August 29) that industry revenue in the United States, the world’s largest recorded music market, increased by only 4% annual increase First half of 2024.
The total number of streaming subscription accounts in the U.S. only grew Annual increase of 2.7% during the same period.
But what is it?
The world’s most Commercially exciting and fastest growing market There will be no difficulty achieving double-digit growth in the first half of 2024.
In fact, it essentially accelerated Trading revenue growth in the first six months of this year compared with growth in 2023.
time is up Open the Tattinger cork after all?
Of course we are talking about Brazil – Latin America’s largest domestic music market.
According to the International Federation of Food Industry, Brazil Will become the ninth largest recorded music market in the world by 2023, with annual trade revenue set to grow Annual increase of 13.4% Finish US$570 million.
Now, Brazil’s local trade agency, Brazilian professional musicpublished statistics First six months of 2024 (first half of 2024)and they’re impressive.
according to professional musician Revenues from Brazil’s recorded music industry grow21% annual increase In the first half of 2024, it will reach 1.442 billion reais period.
This is equivalent to $257 million Calculated at current exchange rate.
(Quick explanation: Pro Musicá’s numbers include digital and physical music revenue, but exclude sync and performance/neighboring rights. This explains why, even though 21% annual increaseGrowth, the trade body’s revenue will be less than half of IFPI’s total revenue in 2023. 12% Brazil’s official annual trade revenue last year.
Considering just digital and physical music revenue, streaming accounts for 99% Brazilian domestic recorded music market.
The same holds true for the first half of 2024: the country’s recorded music business generated 1.43 billion reais ($255 million) Broadcast from the first half of 2024 Annual increase of 21.1%.
Of this number, subscription streaming contributed 995 million reais ($177 million)up Annual increase of 28.4%while ad-supported streaming platforms contributed R$436 million (US$78 million)up Annual increase of 6.6%.
Total physical sales accounted for only R$9 million (US$1.6 million) In the first half of 2024, barely make up for it 0.6% Total market trade revenue.
“Increased twenty one% The industry’s digital and physical revenue directly reflects the industry’s efforts and investments [recorded music] company, whether producing ethnic music content or marketing, promoting and developing the careers of thousands of Brazilian artists.
Paulo Rosa, professional musician
Paulo RosaThe president of Pro-Música said that Brazil’s industry data for the first half of 2024 shows that “music distribution on music streaming platforms operated in Brazil dominates, following a global trend verified over the past decade.”
He added (translated): ” twenty one% The industry’s digital and physical revenue directly reflects the industry’s efforts and investments [recorded music] company, whether producing ethnic music content or marketing, promoting and developing the careers of thousands of Brazilian artists.
According to Pro Musicá Brasil, Louanna Prado’s Take Me Home/Written in the Stars/Saudade (Live) Is the most popular streaming show in Brazil in the first half of 2024. The distributor of this record is universal music group.
Ranking second on Pro Musicá’s Hot Streaming Songs Chart for the First Half of 2024 is Rocket Noise (live) go through Ze Neto and Cristianoreleased via Som Livre.
sony music The deal, which acquired Som Livre for $255 million, was approved by competition regulators in early 2022.
you can see professional musician The following is the official ranking of the top ten streaming media click-through rates in Brazil in the first half of 2024.
Reminder: In MBW’s coverage of the RIAA results last week, we wrote:
The United States is the world’s largest music market. But of course, this is not the world – Music streaming subscriptions still have significant growth potential in several major international markets.
Indeed, according to International federation of food industry statisticsthe U.S. market consists of approx. 38% Total wholesale revenue of the global recorded music industry ($28.6 billion) in 2023.
Music streaming platforms currently operating in Brazil include Spotify, YouTube, Deezer, Apple Music, Amazon Music and Napster.global music business
