In a landmark achievement, recorded music revenues in Sub-Saharan Africa surged by 22.6% in 2024, reaching an all-time high of US$110 million. This significant milestone, revealed in the International Federation of the Phonographic Industry (IFPI) Global Music Report, marks the first time the region's recorded music revenues have crossed the $100 million threshold.
Angela Ndambuki, IFPI's Regional Director for Sub-Saharan Africa, attributed the region’s growth to strategic actions taken by record companies to foster opportunities for both artists and music fans. Ndambuki highlighted the role of technology, especially the growth of digital revenues through subscription streaming, in driving the success. She emphasized the need for improved national policies and regulatory frameworks to attract further investment and continue the momentum in the wider music industry.
The report also shows a strong global performance, with worldwide recorded music revenues reaching US$29.6 billion in 2024, marking a 4.8% increase from the previous year. This marks the 10th consecutive year of growth for the global music industry, with every region experiencing revenue boosts in 2024.
IFPI CEO Victoria Oakley praised the continued growth, stating that the music industry’s resilience is a testament to the creativity and dedication of artists and the strategic investments made by record companies. Oakley also pointed out the increasing role of Artificial Intelligence (AI) in enhancing artistic creativity and creating new fan experiences, though she stressed the need for policies to protect intellectual property rights as AI systems become more involved in music creation.
Other regions have also seen notable growth. Latin America led the way with a 22.5% increase in recorded music revenues, driven largely by streaming, which accounted for 87.8% of regional revenues. The Middle East and North Africa (MENA) region followed closely behind with a 22.8% rise, while Europe saw an 8.3% increase, and the USA & Canada posted modest growth of 2.1%. Despite challenges, Asia, the largest physical market, grew by 1.3%, with countries like China showing strong performance.
Overall, the IFPI report paints a promising picture for the global music industry, with continued innovation, digital transformation, and long-term investments paving the way for further growth in the years ahead.
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