The music industry experienced significant growth in 2023, primarily driven by a 15% year-on-year increase in overall revenues, surpassing earlier expectations. This growth was fueled largely by a robust 25% rise in live music revenues, pushing the market to approximately 20% above pre-pandemic levels. Additionally, recorded music and music publishing sectors also performed well, growing by 10% and 11% year-on-year, respectively, due to better-than-expected performance across various segments, including physical sales and performance rights[1].
2023 marked a turning point for the industry, highlighted by the first major price increase in streaming services and improvements in royalty payment structures, contributing to a stronger outlook for future revenues[1].
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