Overview

• Global recorded music revenues increased by 10.2% in 2023, reaching $28.6 billion.
• The number of paid music streaming subscriptions surpassed 500 million for the first time.
• Physical record sales and performance rights revenues also saw strong gains.
• The industry faces challenges and opportunities with the rise of artificial intelligence.
• Record companies are adapting to changes, with a focus on artist support and evolving business models.