The International Fonographic Industry Federation (IFPI) has released its report on the music market in 2024, both globally and in Spain. Streaming remains the form of dominant consumption, while physical formats, not counting the vinyl, remain in descent.
The global income of music grows again for the tenth consecutive year, according to the IFPI, of which Promusicae is part. These increased 4.8% compared to 2023, reaching 29.6 billion dollars. Streaming represents 69% of the total income of recorded music.
On the other hand, the data of the physical formats decreased by 3.1% compared to 2023. It should also be noted that just that year sales of this type were fired by 14.5%. The sale of vinyl continued its rise in 2024 (+4.6%) for a decimoctavo consecutive year, but in Spain it fell 3.8%, despite continuing to remain relevant.
The physical suffered a 13.25% decrease in our country, with the CD taking the largest stick: its sale decreased by 25.4% compared to 2023. Of course, the Spanish market has grown above the world average, with 9.42%. This is the best figure registered since 2004. Streaming, of course, is the largest source of income, representing 91% of digital income.
Another point to analyze in these reports has been the role of AI in the global musical panorama. Victoria Oakley, CEO of the IFPI, indicates that record companies have taken advantage of the potential of AI “to improve the creativity of artists and develop new and exciting experiences for fans”, but also points out the existing problem with the use of music protected by rights and their use by AI to feed their own models.
Oakley ensures that this represents “a very real and present threat to human artistic creativity” and sends a message to politicians with the aim of protecting this art: “We must take advantage of the potential of AI to support and amplify human creativity, not to replace it.”
