It’s truthful to say that the worldwide music enterprise felt somewhat glum final week.
It could have taken a foolhardy exec to pop open the Tattinger after the RIAA confirmed on Thursday (August 29) that the biggest recorded music market on the earth, the US, solely grew business revenues by 4% YoY within the first half of 2024.
Complete streaming subscription accounts within the US grew by simply 2.7% YoY in the identical interval.
However what’s this?
One of many world’s most commercially thrilling – and fastest-growing – markets had no bother bouncing up by double digits in H1 2024.
In reality, it considerably accelerated its commerce income development within the first six months of this 12 months vs. its development in 2023.
Time to pop that Tattinger cork in any case?
We’re, after all, speaking about Brazil – Latin America’s largest home music market.
Based on IFPI information, Brazil was the globe’s ninth-biggest recorded music market in 2023, rising its annual commerce revenues by 13.4% YoY to over $570 million.
Now, Brazil’s native commerce physique, Professional Musicá Brasil, has issued stats for the first six months of 2024 (H1 2024), and so they’re mighty spectacular.
Based on Professional Musicá’s numbers, revenues captured by Brazil’s recorded music business grew by21% YoY in H1 2024, reaching BRL 1.442 billion within the interval.
That’s equal to USD $257 million at present alternate charges.
(Fast explainer: Professional Musicá’s numbers embody digital and bodily music revenues, however don’t embody sync and efficiency/neighbouring rights. This explains why, even with 21% YoYdevelopment, the commerce physique’s revenues are lower than half the IFPI whole for 2023. The IFPI‘s numbers embody each sync and efficiency rights, which collectively contributed round 12% of Brazil’s official annual commerce income haul final 12 months.)
With simply digital and bodily music revenues taken into consideration, streaming makes up over 99% of Brazil’s home recorded music market.
And so it was within the first half of 2024: the nation’s recorded music enterprise generated BRL 1.430 billion (USD $255m) from streaming in H1 2024, up 21.1% YoY.
Inside that determine, subscription streaming contributed BRL 995 million (USD $177m), up 28.4% YoY, whereas ad-supported streaming platforms contributed BRL 436 million ($78m), up 6.6% YoY.
Complete bodily gross sales weighed in at simply BRL 9 million (USD $1.6m) in H1 2024, making up barely 0.6% of the market’s whole commerce income.
“The rise of 21% within the digital and bodily receipts of the sector instantly displays the efforts and investments made by [recorded music] firms, each within the manufacturing of nationwide musical content material, in addition to within the advertising, promotion and growth of the profession of 1000’s of Brazilian artists.”
Paulo Rosa, Professional Musicá
Paulo Rosa, President of Professional-Música, mentioned Brazil’s business numbers in H1 2024 confirmed the “predominance of music distribution on music streaming platforms in operation in Brazil, following a world development verified over the past 10-plus years”.
He added (translated): “The rise of 21% within the digital and bodily receipts of the sector instantly displays the efforts and investments made by [recorded music] firms, each within the manufacturing of nationwide musical content material, in addition to within the advertising, promotion and growth of the profession of 1000’s of Brazilian artists.”
Based on Professional Musicá Brasil, Lauana Prado’s Me Leva Pra Casa / Escrito Nas Estrelas / Saudade (Ao Vivo) was the most important streaming hit in Brazil within the first half of 2024. The report is distributed by Common Music Group.
At No.2 on Professional Musicá’s listing of streaming hits in H1 2024 was Barulho Do Foguete (Ao Vivo) by Zé Neto & Cristiano, launched by way of Som Livre.
The US is the globe’s largest music market. However, after all, it’s not the world – and there’s nonetheless loads of development potential for music streaming subscriptions in a number of key worldwide markets.
Certainly, in accordance with IFPI stats, the US market made up round 38% of the entire wholesale revenues of the worldwide recorded music business (USD $28.6 billion) in 2023.
