Music industry revenue distribution worldwide 2023, by source

The global music industry continues to evolve, with streaming services dominating revenue sources in 2023. Subscription audio streams accounted for nearly half of the industry's revenue at 48.9 percent, while ad-supported streams contributed an additional 18.5 percent. This shift towards digital consumption has reshaped the landscape, pushing traditional formats like physical sales and downloads to smaller market shares.

Streaming's dominance grows 

As streaming platforms solidify their position, they now represent 67.3 percent of the total global recorded music revenue. This trend reflects changing consumer preferences, with audiences favoring access models over ownership. The extensive range of titles available on platforms like Spotify for a set rate has contributed to this shift. Despite the overall growth, digital downloads revenue have seen a decline, contributing less than five percent to the annual total in 2023. 

Regional disparities in digital music revenue

While streaming leads globally, the digital music market shows significant regional differences. The United States stands at the forefront with 15.7 billion U.S. dollars in revenue from the digital music segment, followed by China at 4.1 billion. France trails behind with 1.3 billion dollars, highlighting the vast gap between markets. These disparities underscore the varying rates of digital music adoption and market maturity across different countries.