EU Music Industry Booms with Domestic Artists Dominating Charts
The European music industry is booming, with domestic artists dominating their home countries' top charts and the EU's role in the global music scene growing significantly. The International Federation of the Phonographic Industry (IFPI) has just released the second edition of 'Music in the EU', highlighting these achievements and more.
The EU now generates over a fifth of global recorded music revenues, with a 9.1% year-on-year growth in 2024. Paid streaming, contributing 77.4% of this growth, is driving the EU's music market forward. This growth outpaces the combined growth of the US, China, and Brazil, and is more than double that of the United States alone.
IFPI CEO Victoria Oakley attributes Europe's music success to investment, innovation, and commitment to artists. Record labels invested approximately €7.5 billion in A&R and marketing in 2024, representing 30% of their revenues for the year. Despite this, the EU's streaming subscriber penetration rate remains lower than other leading markets, indicating potential for further growth.
The EU's music industry is thriving, with a strong focus on domestic artists and a commitment to investment and innovation. As the EU accounts for over a fifth of global recorded music revenues, the future looks bright for the European music scene.
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