it.euronews.com
Global Music Industry Reaches $29.6 Billion in 2024, Driven by Streaming
The global recorded music industry grew by 4.8% in 2024, reaching $29.6 billion, driven primarily by streaming which surpassed $20 billion in revenue, exceeding the industry's total revenue from 2003-2020; vinyl sales also continued to grow.
- What are the key emerging markets and trends that are likely to shape the future of the global music industry in the coming years?
- The music industry's future hinges on international expansion, particularly in large, diverse markets like China and India. The success of K-pop demonstrates the potential for non-English music; Latin music's global rise further supports this trend. The industry's diverse segments, from live performances to merchandise, contribute to its growth, influencing sectors like tourism and fashion.
- What is the overall value of the global recorded music industry in 2024, and what factors contributed most significantly to its growth?
- The global recorded music industry reached a value of $29.6 billion in 2024, a 4.8% increase. Streaming revenue surpassed $20 billion for the first time, accounting for 69% of total revenue, exceeding the industry's total revenue from 2003-2020. This growth, while slowing, outpaces many other sectors and the global GDP growth of 3.2%.
- How did the performance of different music formats (streaming, vinyl, CDs) contribute to the overall growth of the recorded music industry in 2024?
- Streaming subscriptions drove this growth, increasing by 9.5% with 752 million users globally. However, physical formats also played a role: vinyl sales continued their growth streak, rising 4.6% for the 18th consecutive year, while CD sales declined. Regional variations exist, with Europe showing 8.3% growth compared to the US and Canada's 2.1%, despite the US being the largest market.
Cognitive Concepts
Framing Bias
The positive framing of the music industry's growth is emphasized throughout the article. The headline and introduction highlight the financial successes of female artists and the overall growth of the industry. This creates a narrative of success that may overshadow the challenges and complexities within the industry.
Language Bias
The language used is generally neutral, but phrases like "enormous growth" and "superfan" carry a slightly positive connotation, potentially shaping reader perception. The article mostly uses objective data, limiting explicit bias.
Bias by Omission
The article focuses heavily on financial data and growth trends within the music industry, but omits discussion of artists' creative processes, artistic merit, and the impact of technology on music creation. It also lacks perspectives from artists themselves, focusing primarily on industry executives.
False Dichotomy
The article presents a somewhat simplistic view of the music industry's success, primarily focusing on streaming and financial growth. It doesn't fully explore the challenges faced by artists, particularly those outside the mainstream, or the complexities of balancing artistic expression with commercial success.
Gender Bias
While the article begins by highlighting the achievements of several women in music, this focus is relatively brief and the overall analysis centers on industry-wide financial trends. The gender balance in sources is not explicitly mentioned.
Sustainable Development Goals
The global music industry showed significant growth in 2024, exceeding the growth of many other sectors and the global GDP average. This growth translates to more job opportunities and economic prosperity within the industry and related sectors like tourism and hospitality.