Global Music Sales Surge to $29.6 Billion in 2024, AI Copyright Concerns Loom Large, Says IFPI Report

Global music sales reached $29.6 billion in 2024, marking the tenth consecutive year of growth, according to the International Federation of the Phonographic Industry (IFPI). The rise was primarily fueled by a 9.5% increase in paid streaming subscriptions, totaling $15.2 billion. Total streaming revenues accounted for 69% of global music sales, reaching $20.4 billion. Despite the growth, the IFPI warns that generative AI systems pose a significant threat to the industry by potentially using copyright-protected music without proper licensing. Concerns are mounting as tech companies seek to weaken copyright protections for AI training purposes. Taylor Swift was named the biggest-selling global artist of 2024. The U.S. remains the largest music market, followed by Japan, the United Kingdom, and Germany. Latin America experienced the fastest growth, with a 22.5% increase in revenue.