Global recorded-music revenues rose 10.2% to $28.6b in 2023, IFPI reports, driven largely by an increase in paid streaming subscribers. It’s the ninth consecutive year of growth.

Streaming revenues accounted for the majority of revenue growth and total share of the market. Subscription streaming revenues alone grew 11.2% and made up almost half (48.9%) of the global market. In 2023, the number of paid subscriptions to music streaming services passed 500m for the first time, hitting 667m users of paid subscription accounts.

There was also a double-digit percentage increase in physical revenues (up 13.4%) and gains in income from performance rights (up by 9.5%).

“The figures in this year’s report reflect a truly global and diverse industry, with revenues growing in every market, every region and across virtually every recorded music format,” IFPI Chief Financial Officer and Interim Joint Head of IFPI John Nolan, said. “For the third year in succession, both physical and digital formats grew with a strong rise in the users of paid streaming subscribers—as well as price increases—contributing significantly to total revenue growth.”

The U.S. and Canada, which represent the greatest share of global recorded music revenues (40.9%), saw a gain of 7.4%. Revenues grew at a faster rate than in 2022 (+5.1%). Revenues from the U.S. rose by 7.2%; Canada saw revenues jump 12.2%.

Sub-Saharan Africa had the fastest growth of any region and was the only one to surpass 20% growth: revenues climbed by 24.7%, fueled by gains in paid streaming revenues (+24.5%). South Africa remained the largest market in the region, contributing 77% of regional revenues after growth of 19.9%.

The IFPI Annual Music Report can be accessed here.