Australia Grows By 11.3% In Music Revenue Growth In 2023

22 March 2024 | 11:46 am | Mary Varvaris

The top 10 music markets in 2023 were the USA, Japan, the UK, Germany, China, France, South Korea, Brazil and Australia.

Party In The Paddock festival

Party In The Paddock festival (Credit: Mitch Lowe)

There’s good news out of the International Federation of the Phonographic Industry’s (IFPI) State of the Industry Global Music Report, revealing that countries across the globe, streaming services, physical media, and performance rights saw increases in revenue in 2023.

In Australia, the tenth-largest global market for music, revenue growth increased 11.3% compared to 8.2% in 2022. New Zealand saw an increase of 8.4%.

The top 10 music markets in 2023 were the USA, Japan, the UK, Germany, China, France, South Korea, Brazil and Australia.

To nobody’s surprise, Taylor Swift was named the top artist of the year, followed by Seventeen, Stray Kids, Drake, The Weeknd, Morgan Wallen, Tomorrow X Together, NewJeans, Bad Bunny, and Lana Del Rey.

What is surprising, however, is the diversity in genre, from pop to K-pop to R&B and hip-hop to country, alternative, and Latin trap. The result showcases the role eclectic playlists have on artists and the worldwide reach of artists you wouldn’t always expect.

Global recorded music revenues unsurprisingly saw streaming services dominate in 2023, reaching 67.3%. Streaming services were followed by physical mediums (17.8%), performance rights (9.5%), downloads and other digital platforms (3.2%), and synchronisation (2.2%).

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All those areas, aside from downloads and other digital platforms, saw growth in 2023, with streaming jumping up by 10.4%, physical by 13.4% - the vinyl, CD and cassette boom still succeeding – performance rights by 9.5%, and synchronisation by 4.7%. Downloads decreased by 2.6%.

Elsewhere in the report, IFPI found that the global recorded music market grew in value by 10.2%, marking the second-highest growth rate on record. The report states, “The global recorded music market was worth US$28.6 billion in 2023, painting a picture of a truly global and diverse industry as revenues rose in every region.”

“Each of the markets in the global top 10 recorded year-on-year growth,” the report continued. “The fastest rates of revenue growth came from China, where revenues rose by 25.9%, maintaining the country’s place in the top five; Brazil (up by 13.4%); and Canada (revenues increased by 12.2%).”

Robert Kyncl, Warner Music Group's Chief Executive Officer, said, “Music is the world’s most popular, influential, and evergreen art form—but still undervalued. At the same time, our business is growing larger, faster, and noisier, so it’s harder for individual artists to cut through the clutter.

“In this environment, our global reach and expertise are critical in helping authentic talents build long careers and loyal fan bases while protecting and promoting the value of music. Together, we’re pioneering the future at the intersection of entertainment and technology.”

You can read the full report here.