IFPI global music report 2024 and way forward for African creatives

BY ESHIO JOSEPH

Reading the recent IFPI global music report 2024 (State of the Industry). I am sharing a way forward for songwriters, independent artistes, and labels.

Gone are the days of bulky boomboxes and tangled cassette tapes; now, music is just a click away, available at our fingertips. The way we consume music has transformed dramatically, we are in a new era of music consumption and the beat must go on. This shift represents more than just convenience; it signifies a cultural revolution that is reshaping the music industry. Even young music enthusiasts are witnessing the constant evolution of how we experience music.

The digitization of music has been the most significant change in the industry over the past few decades. Streaming platforms such as Spotify iTunes/Apple, Audiomack, TIDAL, Boomplay, Pandora, Amazon Music and YouTube have become the go-to destinations for music lovers, offering a vast array of sounds from around the world for a flat monthly fee. This accessibility has led to a remarkable increase in the diversity of music consumption, resulting in more varied and distinct global charts.

Data Speaks Volumes

– Global recorded music revenues experienced a 10.2% increase in 2023.
– Paid subscriptions to music streaming services surpassed 500 million globally for the first time.
– The number of paid subscription accounts now exceeds 667 million users.
– Subscription streaming revenues alone grew by 11.2% and accounted for almost half (48.9%) of the global market.

These statistics indicate that this change is here to stay, as digital music continues to gain popularity. Consuming Music has become an integral part of our daily lives, easily accessible whenever we desire.
Looking ahead, the fusion of music and technology will continue to deliver new and exciting sounds for us to enjoy. You can be ahead of the curve by creating your niche and content direction and let the world catch up with your passion for creativity. In an ever-evolving world, dare to be different and work with a team with a global focus on marketing and all forms of worldwide engagements.

With the numbers and data made available by IFPI, it is evident that there is an opportunity for artistes across Africa. In a bid to take advantage of these increases, they need to think out of the box, create timeless music, build a strong community and incentify fans and forge new partnerships that will aid the penetration of their music in different regions of the world.

At The Showcase Entertainment Company, our experienced team of experts has adapted to these transformations, developing innovative strategies and keeping a pulse on the latest trends. Whether you are an artist seeking to release a global hit or a label in search of direction for your talented roster, we are well-equipped to guide you through the intricacies of music releases and beyond. Our focus extends beyond navigating the present; we are actively shaping the future of music consumption.

Source: http://ifpi.org/

This piece was written by Eshio Joseph, founder of The Showcase Entertainment Company Music. X page is @mreshio. Send us a message @wearetheshowcase or send an email [email protected], and let’s go on this journey together. The world is watching.