IFPI: EU MUSIC BIZ GROWING, BUT SLOWLY

Annual recorded music revenues in the EU in 2023 reached €5.2b, according to a new report from the IFPI, which details how the region stacks up globally.

Last year, the revenue figure grew by 8.7%, which lags behind the global growth rate of 10.2%. It’s also significantly below growth seen in regions such as China, where revenue rose by 25.9% to €1.3b, and Mexico, which recorded an 18.2% increase to €454m.

The EU still sits behind the US at #1 in the list of total recorded music revenues by region for last year. The latter tallied €10.2b, with Japan taking third place with €2.5b and the U.K. fourth with €1.7b.

When adjusted for inflation, IFPI’s stats say that revenues in the EU are 61% of where they were in 2001. The US tallied 80% of its 2001 revenues last year, while Japan had 71% and the U.K. 61%.

In the 22 EU markets where the IFPI collects yearly chart data, on average, 60% of the Top 10s were tracks by domestic artists. That stat drops to 47% in non-EU markets.

When it comes to exports, other parts of the world are more successful. For instance, France’s David Guetta (pictured) is the only act who made an appearance on a Top 10 chart (Canada) outside of the region in 2023.

Naturally, the report comes with a call to action from politicians. IFPI CEO Victoria Oakley said, “The data in this report shows us that other parts of the world are developing and growing rapidly and the EU risks falling behind. Policymakers have an opportunity to help us to rectify this: by ensuring there is a well-functioning internal market, providing legal certainty and protection for music rightsholders, supporting the development of responsible and ethical AI and creating a competitive playing field on which today’s dynamic music sector can evolve.”