International income progress was largely pushed by streaming revenues, with subscription streaming growing by 11.2% and accounting for practically half (48.9%) of the worldwide market. In 2023, the variety of paid subscriptions to music streaming companies surpassed 500 million for the primary time, with 667 million customers of paid subscription accounts globally.
In Canada, the music market grew by 12.19% in 2023 to a complete of US$659.6 million, guaranteeing Canada maintained its place because the 8th largest music market on the planet. This progress was largely attributable to streaming revenues, which noticed an 8.6% improve to US$506.8 million. Subscription streaming accounts for the majority of these revenues, with US$404.2 million, up 10.1% year-over-year. Advert-supported audio streaming was up 4.6% to US$59.1 million, whereas ad-supported video streaming elevated barely to US$43.5 million in 2023.
“As Canada modernizes the Broadcasting Act and works to carry streaming companies into the fold, this report serves as a reminder of the worth of those platforms to Canadians. We’re happy to see increasingly Canadians turning to licensed sources to assist the artists they love most. We’ll proceed our work to make sure Canadian regulatory frameworks don’t push Canadians to unlicensed listening,” mentioned Patrick Rogers, CEO of Music Canada.
Mirroring a worldwide pattern, Canada noticed sturdy progress in different codecs too. Bodily revenues in Canada jumped practically 20% (19.9%) year-over-year to US$78.7 million in 2023, with a 30.2% spike in vinyl revenues (to US$56.5 million) accounting for the majority of that progress.
“The sustained progress of the music market in Canada is due largely to the efforts of the document firms, whose continued funding in and fervour for his or her artists is propelling them to new heights,” mentioned Rogers.
Commenting on the discharge of the International Music Report, IFPI’s Chief Monetary Officer and Interim Joint Head of IFPI, John Nolan, mentioned: “The figures on this yr’s report mirror a very world and numerous trade, with revenues rising in each market, each area and throughout just about each recorded music format. For the third yr in succession, each bodily and digital codecs grew with a powerful rise within the customers of paid streaming subscribers – in addition to worth will increase – contributing considerably to whole income progress.”
Whereas the worldwide progress in licensed music revenues is heartening, the report additionally highlights the challenges going through the trade – specifically, streaming fraud and the abuse of generative AI.
“Music followers significantly worth authenticity and our trade has a powerful observe document of licensing music and supporting the event of recent companies that create these experiences for followers. That mentioned, we nonetheless want efficient instruments and the assist of authorities to deal with unauthorised makes use of and to make sure the music ecosystem stays one that’s sustainable for the long-term,” mentioned IFPI’s Chief Authorized Officer and Interim Joint Head of IFPI, Lauri Rechardt.
Music Canada, alongside IFPI, lately labored to shutter a bunch of 9 streaming fraud web sites working in Canada – an instance of Music Canada’s continued efforts to guard rightsholders and the integrity of the Canadian streaming market. And as governments around the globe think about the implications of generative AI, Music Canada continues to work to make sure human artistry is protected and valued.
“Our trade is worked up by the worth provided by synthetic intelligence, however solely when this device is used responsibly. Basically, we imagine that generative AI techniques that ingest copyrighted works with out authorization are stealing, and Music Canada will proceed to push for strengthened insurance policies and frameworks to guard in opposition to this,” mentioned Rogers.
The free International Music Report 2024 – State of the Business report is now obtainable right here.
ENDS
Notes to editors:
About Music Canada
Music Canada is the commerce affiliation representing Canada’s main document labels: Sony Music Leisure Canada, Common Music Canada and Warner Music Canada. Like its members, Music Canada is a accomplice to the trade, working with artists, unbiased labels, publishers, platforms, associations and others, in advancing forward-looking insurance policies to make sure a dynamic and profitable Canadian music ecosystem which returns worth to music creators.
For additional info: Regan Reid, Music Canada, rreid@musiccanada.com, (416) 462-1485
About IFPI
IFPI is the voice of the recording trade worldwide, representing over 8,000 document firm members throughout the globe. We work to advertise the worth of recorded music, marketing campaign for the rights of document producers and develop the industrial makes use of of recorded music around the globe.
For additional info please contact: press@ifpi.org | +44 (0) 20 7878 7979
