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Global music revenues were up 10.2 percent in 2023


March 22, 2024

Global music revenues were up 10.2 percent last year to $28.6 billion, according to figures released today, but record firms are concerned over how to maintain growth in the streaming era.

According to the annual report by International Federation of the Phonographic Industry which represents global record companies, the biggest artist in the world was Taylor Swift.

Swift was followed closely by two Korean bands, Seventeen and Stray Kids, reflecting the increasing spread of K-Pop.

The biggest singles in the world were “Flowers” by Miley Cyrus, the only song to surpass 2 billion streams, followed by “Calm Down” by Rema and Selena Gomez and “Kill Bill” by Sza.

The fastest-growing regions were Sub-Saharan Africa (up 24.7 percent) and Latin America (19.4 percent), thanks to the spread of streaming and the rise of local stars like Burna Boy, Asake, J Balvin and Bad Bunny.