The International Federation of the Phonographic Industry (IFPI) has released its 2023 Global Music Trends Report, providing crucial insights into the state of the music industry. The report is based on extensive research and analysis of data from around the world, covering all aspects of the music business, from streaming to physical sales.
The report highlights several key trends that are shaping the music industry. One of the most significant is the continued growth of streaming, with streaming revenues expected to reach $23.1 billion by 2023. This growth is being driven by the increasing adoption of streaming services by consumers around the world, with Asia and Africa expected to be the fastest-growing markets in the coming years.