Global Music Report: Streaming Revenues Surpassed $20 Billion in 2024

Streaming revenues in the music industry hit a record-breaking milestone in 2024, surpassing $20 billion for the first time ever, according to the Global Music Report. This surge in revenue indicates a notable growth trajectory that many other industries can only admire.

The year 2024 was particularly significant for women in music. Taylor Swift’s Eras Tour made history as the highest-grossing tour ever, while Beyoncé achieved the title of the most Grammy-nominated artist with 99 nominations. In addition, the top three albums globally belonged to Taylor Swift, Billie Eilish, and Sabrina Carpenter.

To delve deeper into the financial landscape and the current trends driving the music industry, Victoria Oakley, the CEO of IFPI, the global industry body for record labels, joins Hannah Brown in this episode of The Big Question. They explore the factors underpinning the industry’s success and discuss the key developments shaping its future.

As streaming continues to dominate music consumption, the industry is experiencing remarkable growth supported by technological advancements and changing consumer behaviors. This shift underscores the need for continuous adaptation and innovation within the music landscape.

Overall, the music industry’s upward trajectory reflects a dynamic environment where creativity, technology, and consumer preferences intersect to shape the future of music consumption and revenue generation. Stay tuned for more insights and updates on the evolving music industry landscape.