Emerging Markets Steal the Spotlight in 2024: Key Takeaways from RIAA, IFPI & MIDiA Reports
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The music industry faced a ‘datapocalypse’ this week as the RIAA, IFPI, and MIDiA Research released their 2024 reports, all pointing to a slowdown in global growth. While established markets like the U.S. struggled, emerging markets such as China, India, and Africa emerged as the new growth engines. The IFPI’s rankings highlighted Mexico’s rise to the top 10, replacing Australia, thanks to a 15.6% surge in subscription revenue. Latin America as a whole grew by an impressive 22.5%, with Brazil leading the charge at 21.7%. Meanwhile, the U.S. saw sluggish growth, barely keeping pace with inflation.
These trends are reshaping the industry’s focus. Major labels are pivoting investments from tech startups to traditional music companies in developing markets, betting on the rise of streaming and the growing popularity of local music. Independent players like Believe have long championed this global approach.
Subscription streaming remains the industry’s backbone, accounting for 51.2% of global revenue. However, ad-supported streaming grew just 3%, with the U.S. experiencing a 1.8% decline. As the industry grapples with these shifts, the future lies in super-premium tiers, better artist remuneration, and tackling AI-generated content.
In summary, 2024 was a year of contrasts: emerging markets soared, while mature markets like the U.S. and Japan faltered. The global music industry is at a crossroads, with innovation and investment increasingly flowing to where the growth is.
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