CONSUMERS & BRANDS

Music industry worldwide

 Table of Contents

01 Overview Global live music industry revenue 2014-2025 22

Most successful music tours worldwide 2022 23
Global music industry revenue 2012-2023 04
Live Nation Entertainment's ticketing revenue from 2008 to 2022 24
Global digital music revenue 2004-2021 05
Live Nation Entertainment's concert revenue from 2008 to 2022 25
Music streaming revenue worldwide 2005-2022 06
Leading club venues worldwide 2022, by number of concert tickets sold 26
Global revenue of the recorded music industry 1999-2022 07
Global music revenue 2012-2021, by source 08
04 Consumption
Global music industry revenue growth 2022, by region 09
Music industry revenue distribution worldwide 2022, by source 10 Weekly music engagement worldwide 2023 28

Market share of the largest music publishers worldwide from 2007 to 2022 11 Time spent with selected media worldwide H1 2022, by age 29
Ways to discover new music worldwide 2022, by age 30

02 Digital music Change in consumer spending on digital music worldwide 2018-2027, by scenario 31
Ad-supported audio time worldwide 2022, by format 32
Digital Market Outlook: digital music revenue in selected countries 2023 13
Streaming music subscribers worldwide 2019-2022 14
05 Market leaders
Music streaming revenue growth worldwide 2013-2022 15
Number of paying online music service subscribers worldwide 2010-2021 16 Revenue of the Warner Music Group 2004-2023 34

Subscriber share of music streaming services worldwide Q2 2022 17 Revenue of the Warner Music Group 2006-2023, by region 35

Spotify's premium subscribers 2015-2023 18 Sony Corporation: music revenue source 2019-2023 36

Spotify's monthly active users 2015-2023 19 Universal Music Group's revenue 2004-2022 37

Number of Apple Music subscribers worldwide 2015-2021 20 Spotify revenue 2013-2022 38

Spotify's segment revenue 2012-2022 39

03 Live music Share of WMG revenue generated by Apple and Spotify 2017-2023 40

1
 Table of Contents

Number of Apple Music subscribers worldwide 2015-2021 41

Deezer's revenue 2022-2023, by region 42
Live Nation Entertainment's revenue from 2006 to 2022 43

06 Artists
Best-selling artists worldwide as of 2022 45
Most Grammy Award-nominated individuals of all time 46
Best-selling digital music singles worldwide 2022 47
Spotify: artists with the most monthly listeners worldwide 2023 48
Spotify: most streamed weekly tracks worldwide 2022 49
Wish for bands comeback worldwide 2023, by generation 50

2
CHAPTER 01

Overview
 Music industry revenue worldwide from 2012 to 2023 (in billion U.S. dollars)
Global music industry revenue 2012-2023

70
65.17
63.75
61.82
59.48
60 56.74
53.77
50.88
48.23
Revenue in billion U.S. dollars

50
45.5 45 44.87 46.01

40

30

20

10

0
2012 2013 2014 2015 2016 2017 2018 2019* 2020* 2021* 2022* 2023*

4 Description: In 2018, preliminary estimates suggested that the total revenue of the global music industry amounted to 53.77 billion U.S. dollars, up from just under 51 billion a year earlier. The figure is expected to consistently increase each year and surpass 65
billion U.S. dollars in 2023. Read more
Note(s): Worldwide; 2012 to 2019; * Forecast. Figures have been rounded. Data prior to 2014 comes from earlier reports. Read more
Source(s): IQ Magazine; Ovum; PwC
 Global digital music revenue from 2004 to 2021 (in billion U.S. dollars)
Global digital music revenue 2004-2021

5.0

4.5 4.4
4.3
4.2
4
4.0 3.9
3.7 3.7
Revenues in billion U.S. dollars

3.5 3.4
3.2
3.0
2.7
2.6
2.5
2
2.0
1.7
1.5
1.5
1.2
1.1
1
1.0

0.5 0.4

0.0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

5 Description: In 2021, global music revenue generated by digital music and downloads fell to 1.1 billion U.S. dollars. It was the lowest figure reported since 2005 and marked the ninth consecutive year of revenue decline. Read more
Note(s): Worldwide; 2005 to 2021; excluding streaming
Source(s): IFPI
 Music streaming revenue worldwide from 2005 to 2022 (in billion U.S. dollars)
Music streaming revenue worldwide 2005-2022

20

18 17.5
16.9

16
Revenue in billion U.S. dollars

14 13.6

12 11.4

10 9.2

8
6.5
6
4.6
4
2.8
1.9
2 1.4
1
0.3 0.4 0.4 0.6
0.1 0.1 0.2
0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

6 Description: In 2022, streaming revenues reached 17.5 billion U.S. dollars worldwide, the highest ever recorded and more than six times the figure given for 2015, when music streaming revenue amounted to 2.7 billion. Streaming revenues now account for over 67
percent of total global recorded music revenue. Read more
Note(s): Worldwide; 2005 to 2022
Source(s): IFPI
 Global recorded music revenue from 1999 to 2022 (in billion U.S. dollars)
Global revenue of the recorded music industry 1999-2022

35
31.2
30 28.8

25.2
24.4
Revenue in billion U.S. dollars

25 23.4 23.1
22.6
21 21.5
20.8
20.1
20 19.4 18.9
18.2
16.9 17.3
15.8 16
14.9 14.8 14.9 14.6
15 14.2 14.7

10

0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

7 Description: In 2022, the total revenue of the recorded music industry amounted to 31.2 billion U.S. dollars. Global streaming revenues reached 20 billion U.S. dollars in the same year. Overall, recorded music increased by 6.7 percent, representing a decreased
growth rate compared to recent years. Read more
Note(s): Worldwide; 1999 to 2021; Recorded and digital music sales, performance rights, synchronisation
Source(s): MIDiA Research
 Music industry revenue worldwide from 2012 to 2021, by source (in million U.S.
dollars)
Global music revenue 2012-2021, by source

Synchronization Performance rights Physical

Mobile music Digital music streaming Digital music downloading

30,000

1,300
1,600
25,000 2,000
2,500
Revenue in million U.S. dollars

2,900
20,000 3,600
5,400 4,500
5,200 4,700
13,900 15,700 17,200
11,500
1,400 6,700 9,200
15,000 800 2,100 3,000 3,900
700 600 600
500
500 500
10,000 500 500
12,200 500
10,800 9,900 9,500 8,700 7,600 7,000 6,200 5,400 4,600
5,000

2,200 2,400 2,400 2,900 2,900 3,100 3,300 3,500

1,700 1,900
0 400 400 400 400 500 200 400 400 400 400
2012 2013 2014 2015 2016* 2017* 2018* 2019* 2020* 2021*

8 Description: In 2019, global music industry revenues are expected to reach around 26 billion U.S. dollars in total, increasing by more than five billion dollars in the past five years. Digital music streaming has rapidly become the industry`s biggest revenue
generator, accounting for over half of all revenue. The importance of physical sales and digital music downloads is expected to decrease further in the coming years while even more of the market`s revenues shift into streaming. Read more
Note(s): Worldwide; * Forecast. Read more
Source(s): PwC; Statista
 Music industry revenue growth worldwide from 2021 to 2022, by region
Global music industry revenue growth 2022, by region

2021 2022

40%
34.7% 35%
35%
31.2%
30%
25.9%
25% 23.8%
21.8%
Revenue growth

20%
16.1% 15.4% 15.4%
15%

9.6%
10% 8.1% 7.5%
4.7% 5%
5%

0%
Sub-Saharan Africa Latin America North Africa and Asia Australasia Europe United States and
Middle East Canada

9 Description: In 2022, recorded music revenues in Sub-Saharan Africa grew by almost 35 percent, making this the fastest growing region among the seven taken into consideration in an annual report. The second fastest growing region in terms of revenue was Latin
America, with growth falling year over year but still amounting to 25.9 percent. Read more
Note(s): Worldwide; 2021 to 2022
Source(s): IFPI; Various sources (Music in Africa)
 Share of recorded music industry revenues worldwide in 2022, by segment
Music industry revenue distribution worldwide 2022, by source

80%

70% 67%

60%

50% 48.3%
Share of revenue

40%

30%

17.5% 18.7%
20%

9.4%
10%
3.6% 2.4%
0%
Subscription audio Physical Performance rights Downloads and Ad-supported Synchronisation Streaming
streams other digital streams

10 Description: In 2022, streaming accounted for 67 percent of total global recorded music revenue, of which 48.3 percent was attributed to subscription audio streams and 18.7 percent to ad-supported streams. Meanwhile, the physical music segment's contribution
to the total figure of five billion U.S. dollars fell to 17.5 percent, and performance rights revenue also decreased. Read more
Note(s): Worldwide; 2022
Source(s): IFPI
 Revenue market share of the largest music publishers worldwide from 2007 to
2022
Market share of the largest music publishers worldwide from 2007 to 2022

EMI Warner Chappell Universal Sony/ATV Independents Kobalt BMG

100% 6.8%
6.6% 6.4%
90% 7% 7%
31.6% 31.9% 31.2% 31.4% 32.6% 32.7% 34.8% 35%
80% 36.2% 40.1% 40%
41.2% 41.2% 41.4%
28.8% 27.9%
70%
11.6% 11.7% 12.3% 12.5% 11.7%
60%
Market share

21.7%
50% 29.4% 29.5% 28.3%
22.2% 24.5% 24.9% 24.7%
23.2% 22.9% 22.6% 22.2% 27% 27.3% 26% 25%
40%
22.5%
30%
14.8% 14.9% 14.4% 13.9% 14.1% 22.6% 23% 23.1% 20.2% 23% 23.2% 23.4%
20% 19.8% 19.5% 21%
13.6%
10% 19.8% 18.3% 19.3% 19.7% 19.3%
9.5% 13.2% 12.5% 12.4% 12% 12% 12.3% 11.6% 11.2% 11.8% 12%
0%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

11 Description: In 2022, music publisher Warner Chappell had a market share of 12 percent, up from 11.8 percent in the previous year. Independent publishers had the biggest market share at 40 percent and accounted for most of the global revenue. Read more
Note(s): Worldwide; 2007 to 2022
Source(s): Music Industry Blog
CHAPTER 02

Digital music
 Digital music revenue in selected countries worldwide in 2023 (in million U.S.
dollars)
Digital Market Outlook: digital music revenue in selected countries 2023

18,000

16,000 15,685.28

14,000
Revenue in million U.S. dollars

12,000

10,000

8,000

6,000
4,147.59
4,000
2,360.25
2,000 1,672.5
1,275.62

0
United States China United Kingdom Germany France

13 Description: From the selected regions, the ranking by revenue in the 'Digital Music' segment of the digital media market is lead by the United States with 15.7 billion U.S. dollars and is followed by China (4.1 billion U.S. dollars). In contrast, the ranking is trailed by
France with 1.3 billion U.S. dollars, recording a difference of 14.4 billion U.S. dollars to the United States. Read more
Note(s): Worldwide; Jan 1st to Dec 31st 2023
Source(s): Statista; Statista Digital Market Insights
 Number of music streaming subscribers worldwide from the 1st half of 2019 to
2nd quarter 2022 (in millions)
Streaming music subscribers worldwide 2019-2022

700

616.2
600
523.9
Number of subscribers in millions

500 487

400
400

304.9
300

200

100

0
H1 2019 Q1 2020 Q1 2021 Q2 2021 Q2 2022

14 Description: In the second quarter of 2022, the number of music streaming subscribers worldwide amounted to 616.2 million, up from just under 523 million at the end of the SECOND quarter of 2021. Paid music streaming subscriptions have become the norm
for many music fans, and the market has seen consistently impressive increases in subscriber numbers over the last few years. Recent forecasts show however that whilst both subscriber numbers and revenue are expected to continue to rise, [...] Read more
Note(s): Worldwide; 2019 to Q2 2022
Source(s): MIDiA Research; Music Business Worldwide
 Growth in music streaming revenue worldwide from 2013 to 2022
Music streaming revenue growth worldwide 2013-2022

75%

65.1%
65%

55%
47.6%
Year-on-year change

45% 41% 41.1%

35.5%
34%
35%

24.3%
25% 22.9%
19.9%

15% 11.5%

5%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

15 Description: Global music streaming revenue increased by 11.5 percent worldwide in 2022, and now accounts for 67 percent of total global recorded music revenue. Whilst streaming is now the music industry's main revenue driver worldwide, growth has slowed
down dramatically since 2016 when streaming revenue growth surpassed 65 percent year on year. Read more
Note(s): Worldwide; 2013 to 2022
Source(s): IFPI
 Number of paying online music service subscribers worldwide from 2010 to 2021
(in millions)
Number of paying online music service subscribers worldwide 2010-2021

600

523
500
443

400
Number in millions

341

300

225

200 176

112
100 68
41
20 28
8 13
0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

16 Description: In 2020, the number of online music subscribers reached 523 million, up from 443 million in the previous year. The figure for 2021 was nearly 100 million more than that recorded in 2020, and whilst streaming revenue growth has begun to slow down,
streaming now makes up 65 percent of total global recorded music revenue. Read more
Note(s): Worldwide; 2010 to 2021
Source(s): IFPI
 Share of music streaming subscribers worldwide in the 2nd quarter of 2022, by
company
Subscriber share of music streaming services worldwide Q2 2022

Yandex 2.2% Deezer 1.5%

Netease 6.1%

YouTube Music 8.9%

Spotify 30.6%

Others 10.2%

Amazon 13.3%
Apple Music 13.7%

Tencent Music 13.4%

17 Description: In the second quarter of 2022, 30.5 percent of music streaming subscribers worldwide had a subscription with Spotify, almost double the share who were subscribed to Apple Music. Other services in the list included Amazon, Tencent Music and
YouTube. Read more
Note(s): Worldwide; Q2 2022
Source(s): MIDiA Research; RouteNote
 Number of Spotify premium subscribers worldwide from 1st quarter 2015 to 3rd
quarter of 2023 (in millions)
Spotify's premium subscribers 2015-2023

250
226
220
205 210
200 195
188
180 182
172
165
Paying subscribers in millions

155 158
150 144
138
130
124
108 113
96 100
100
83 87
71 75
59 62
48 52
50 36 40
30
24 28
18 22

0 15 015 015 015 016 016 016 016 017 017 017 017 018 018 018 018 019 019 019 019 020 020 020 020 021 021 021 021 022 022 022 022 023 023 023
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3
Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q

18 Description: As of the third quarter of 2023, Spotify had 226 million premium subscribers worldwide, up from 195 million in the corresponding quarter of 2022. Spotify`s subscriber base has increased dramatically in the last few years and has more than doubled
since early 2019. Read more
Note(s): Worldwide; Q1 2015 to Q3 2023
Source(s): Spotify
 Number of Spotify monthly active users (MAUs) worldwide from 1st quarter 2015
to 3rd quarter 2023 (in millions)
Spotify's monthly active users 2015-2023

700

600 574
551
515
489
500
Monthly active users in millions

456
422 433
406
400 381
365
345 356
320
299
300 271 286
248
232
207 217
200 180 191
149 160 157
113 123 132 138
82 91 96 104
100 68 77

0 15 015 015 015 016 016 016 016 017 017 017 017 018 018 018 018 019 019 019 019 020 020 020 020 021 021 021 021 022 022 022 022 023 023 023
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3
Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q

19 Description: In the third quarter of 2023, the music streaming service Spotify reached an all-time high with 574 million active users worldwide. This marked an increase of over 118 million users in just one year. Read more
Note(s): Worldwide; Q1 2015 to Q3 2023
Source(s): Spotify
 Number of Apple Music subscribers worldwide from October 2015 to June 2021 (in
millions)
Number of Apple Music subscribers worldwide 2015-2021

90

80 78
72
70 68

60
60 56
Subscribers in millions

50
50
40
40 38

30
30 27
20
20 16 17
14 15
12 13
10 11
10 6.5

0
Oct Jan '16 Feb Mar Apr '16 May Jun '16 Aug Sep Dec Jun '17 Sep Mar Apr' 18 May Nov Jun '19 Dec Jun '20 Jun '21
'15* '16 '16 '16 '16 '16 '16 '17 '18 '18 '18 '19

20 Description: Estimates suggest that Apple Music had 78 million subscribers worldwide in June 2021, up by six million from the previous year. Launched in 2015 by U.S. tech giant Apple, Apple Music is the second largest music streaming service worldwide,
competing with market leader Spotify. Read more
Note(s): Worldwide; October 2015 to June 2021; includes free and paid subscribers; *October 2015 figures are based on CEO Tim Cook's statement that Apple Music has 6.5 million paid subscribers plus another 8.5 million users who are still in their [...] Read more
Source(s): 9 to 5 Mac; MIDiA Research
CHAPTER 03

Live music
 Live music industry revenue worldwide from 2014 to 2025 (in billion U.S. dollars)
Global live music industry revenue 2014-2025

35

30
Revenue in billion U.S. dollars

25

20

15 29.94 30.67
27.89 28.56 28.86
25.84 26.74 26
24.15 25.21
10

14.15
5
7.32

0
2014 2015 2016 2017 2018 2019 2020 2021* 2022* 2023* 2024* 2025*

22 Description: A recent study exploring the global music industry found that revenues from live music events dropped by nearly 75 percent amid the pandemic in 2020. That year, revenues stood at just 7.32 billion U.S. dollars, and even though this figure almost
doubled in 2021, financial figures are not set to recover before 2023. Read more
Note(s): Worldwide; 2014 to 2021; * Forecast. Figures before 2019 come from previous reports. Figures have been rounded. Read more
Source(s): Omdia; PwC
 Most successful music tours worldwide in the first quarter of 2022, based on
average gross revenue (in million U.S. dollars)
Most successful music tours worldwide 2022

Gross revenue in million U.S. dollars

0 10 20 30 40 50 60 70

Genesis 46.46

BTS 33.32

Eric Church 22.25

Trans-Siberian Orchestra 20.19

Sebastian Maniscalco 19.87

Andrea Bocelli 19.39

Bad Bunny 17.38

The Rolling Stones 61.58

Morgan Wallen 14.99

Tool 14.47

23 Description: Genesis topped the ranking of most successful music tours in the first quarter of 2022. The English rock band started their tour "The Last Domino?" in 2021 and played their last concerts towards the end of 2022, following the band's 13-year break
from music. Read more
Note(s): Worldwide; Q1 2022
Source(s): Pollstar
 Live Nation Entertainment's ticketing revenue from 2008 to 2022 (in million U.S.
dollars)
Live Nation Entertainment's ticketing revenue from 2008 to 2022

2,500
2,238.62
Ticketing revenue in million U.S. dollars

2,000

1,639.56
1,557.25 1,529.57 1,545.19
1,500 1,374.05 1,407.82
1,319.34 1,346.51
1,166.03 1,134.27
1,039.89
1,000

500

188.38
16.97 61.62
0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

24 Description: In 2022, the U.S. live event company Live Nation generated a total revenue of over 2.23 billion U.S. dollars with its ticketing services, up from 1.13 billion a year earlier. After the hard years for the company, following the outbreak of the coronavirus
pandemic which caused many event cancellations and postponements, 2022 seems to have brought it back to pre-pandemic condition. Read more
Note(s): Worldwide; 2008 to 2022
Source(s): Live Nation
 Live Nation Entertainment's concert revenue from 2008 to 2022 (in billion U.S.
dollars)
Live Nation Entertainment's concert revenue from 2008 to 2022

16

14 13.49

12
Revenue in billion U.S. dollars

10 9.43
8.77
7.89
8
6.28
6
4.73 4.96 4.72
4.52
3.68 3.7 3.87
4 3.44 3.51

2 1.47

0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017* 2018 2019 2020 2021 2022

25 Description: In 2022, Live Nation's concert revenue amounted to 13.49 billion U.S. dollars, up from 4.72 billion generated in the previous year. Whilst the company's revenues had been growing steadily over the last decade, 2020 was a difficult year; In early March
2020, the coronavirus outbreak severely impacted the events industry as governments and companies were forced to close venues and cancel events in a bid to protect the public and prevent the further spread of the disease. Live Nation's share [...] Read more
Note(s): Worldwide; 2008 to 2022; *Beginning in 2017, the Company no longer presents Artist Nation as a reportable segment and now includes the business previously reported in the Artist Nation segment in the Concerts segment. Figures have [...] Read more
Source(s): Live Nation
 Leading club venues worldwide in 2022 by number of concert tickets sold
Leading club venues worldwide 2022, by number of concert tickets sold

Number of tickets sold

0 10,000 20,000 30,000 40,000 50,000 60,000 70,000
9:30 Club (Washington, D.C.) 59,381

House of Blues Boston (Boston, MA) 57,630

Echostage (Washington, DC) 47,133

Big Night Live (Boston, MA) 37,988

The Wilbur (Boston, MA) 35,873

The Paramount (Huntington, NY) 31,606

McMenamins Crystal Ballroom (Portland, OR) 23,499

Paradise Rock Club (Boston, MA) 21,878

Sound Board @ MotorCity Casino Hotel (Detroit, MI) 21,341

Cain's Ballroom (tulsa, OK) 18,758

City Winery Chicago (Chicago, IL) 17,995

The Eastern (Atlanta, GA) 17,910

Thalia Hall (Chicago, IL) 17,719

City National Grove of Anaheim (Anaheim, CA) 16,876

The Intersection/ Showroom (Grand Rapids, MI) 15,673

26 Description: The leading club venue worldwide in 2022 based on number of concert tickets sold was the 9:30 Club in Washington D.C., with 59,381 tickets sold in that year. Ranked second was House of Blues, Boston, MA, with over 57 thousand ticket sales. These
figures mark a dramatic decrease from usual sales, as the effect of the coronavirus pandemic was felt in the music industry, with venues worldwide being shut for most of the year. Whilst the majority of top club venues were located in the United [...] Read more
Note(s): November 21, 2019 to November 18, 2020
Source(s): Pollstar
CHAPTER 04

Consumption
 Leading ways of weekly music engagement worldwide in 2023
Weekly music engagement worldwide 2023

Share of respondents
0% 5% 10% 15% 20% 25% 30% 35%

Audio streaming 32%

Video streaming 31%

Music on the radio 17%

Purchased music 9%

Other forms of music listening 7%

Social media platform 5%

Live 4%

28 Description: According to a study concluded in October 2023, the highest engagement with music was through audio streaming, with 32 percent of respondents saying that they consumed music through that medium. Another popular way to enjoy music was
through video streaming, with 31 percent of respondents, as well as listening to the music on the radio at 17 percent. Read more
Note(s): Worldwide; August to October 2023; 16-64 years
Source(s): Audiencenet; IFPI
 Daily time spent consuming selected media by internet users worldwide in the 1st
half of 2022, by age group (in hours.minutes)
Time spent with selected media worldwide H1 2022, by age

Time spent in hours.minutes

Broadcast radio Games console Online TV Linear TV Social media

Online press Physical press Music streamig Podcasts

0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0

16-24 years 0.49 1.23 1.34 1.28 2.53 1.16 0.52 1.57 1.04

25-34 years 1.05 1.35 1.46 1.49 2.45 1.34 1.02 1.54 1.14

35-44 years 1.07 1.13 1.36 1.57 2.25 1.22 0.53 1.34 1.04

45-54 years 1.07 0.49 1.21 2.06 1.58 1.05 0.43 1.11 0.47

55-64 years 1.02 0.33 1.03 2.29 1.31 0.480.320.480.34

29 Description: According to a survey conducted in the second quarter of 2022, global internet users aged between 16 and 24 spent two hours and 53 minutes with social media per day. At the same time they also spent one hour and 23 minutes with games
consoles. Social media was the most time consuming media pastime for age groups 16 to 44, while internet user older than that spent more of their time watching linear TV. Read more
Note(s): Worldwide; H1 2022; 244,231 respondents; 16-64 years; internet users
Source(s): GWI
 Ways to discover new music worldwide in 2022, by age
Ways to discover new music worldwide 2022, by age

Share of respondents

18-24 25-34 35-44 45-54 55+

0% 10% 20% 30% 40% 50% 60%

Music apps

Social media

Recommendations from friends and family

Movies/TV

Video games

Radio/ sattelite radio

Commercials

Websites/ blogs

Podcasts

30 Description: According to a study on music consumption worldwide in 2022, younger generations tended to find new songs via music apps and social media, while older generations also used the radio as a format to discover new audio content. Read more
Note(s): Worldwide; November 2021; 511 to 2,628; 18 years and older; respondents from 17 different countries
Source(s): MarketingCharts; YouGov
 Change in consumer spending on digital music worldwide from 2018 to 2027, by
scenario
Change in consumer spending on digital music worldwide 2018-2027, by scenario

Scenario A Scenario B

30 26

20 17 17
15 15
12 12 12 11
8 9
10 7 6
Annual change

2
0

-10

-19
-20

-30
2018 2019 2020 2021 2022* 2023* 2024* 2025* 2026* 2027*

31 Description: Global consumer spending on digital music was estimated to grow by eight percent in 2022. According to the forecast scenarios, the expenditure would either increase by two percent or decrease by 19 percent in the following year. Read more
Note(s): Worldwide; 2017 to 2021; * Forecast. Read more
Source(s): Statista
 Share of ad-supported audio time worldwide in 2022, by format
Ad-supported audio time worldwide 2022, by format

70%

60%
60%

50%
Share of time spent

40%

30%

20%
14%
12%
10% 6% 6%
4%

0%
AM/FM radio Podcasts Ad-supported Pandora Ad-supported Spotify Ad-supported Sirius Over-the-air AM/FM
XM radio

32 Description: According to a study from the second quarter of 2022, people spent the majority of their audio listening time with AM and FM radio, namely 60 percent. Other formats of ad-supported, meaning spoken word content, was less popular. Nonetheless,
podcasts are becoming increasingly popular, with 14 percent of the audio time spent. Read more
Note(s): Worldwide; Q2 2022; 18 years and older
Source(s): Edison Research; Westwood One
CHAPTER 05

Market leaders
 Revenue of the Warner Music Group in fiscal years 2004 to 2023 (in million U.S.
dollars)
Revenue of the Warner Music Group 2004-2023

7,000

5,919 6,037
6,000
5,301
5,000
Revenue in million U.S. dollars

4,475 4,463
4,005
4,000
3,437 3,502 3,516 3,383 3,506 3,576
3,205 3,246
2,988 3,027 2,966
3,000 2,780 2,871
2,311

2,000

1,000

0
2004* 2005 2006 2007 2008 2009 2010 2011* 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
*

34 Description: In 2023, Warner Music Group reported revenues of 6.03 billion U.S. dollars. The record company has seen its revenues grow consistently for the last few years after a small decline in 2015, and despite the 2020 figure marking a slight decrease, 2023
had the highest revenue recorded to date. An overview of how the company performs throughout the course of each fiscal year can be obtained via consulting WMG's quarterly revenue figures. Read more
Note(s): Worldwide; October 2003 to September 2023; fiscal years end on 30 September of each year; * Figure for 2004 is unaudited. ** Fiscal year 2011 ran from October 1, 2010 to July 19, 2011. The period from July 20, 2011 to September 30, [...] Read more
Source(s): Warner Music Group
 Revenue of the Warner Music Group in fiscal years 2006 to 2023, by region (in
million U.S. dollars)
Revenue of the Warner Music Group 2006-2023, by region

United States International

7,000

6,000
Revenue in million U.S. dollars

5,000

3,180 3,277
4,000
2,942

2,527 2,533
3,000 2,259
1,840 1,734 1,913 2,005
1,815 1,900
2,000 1,758 1,731 1,902 1,812
1,686
1,390
2,744 2,766
2,363
1,000 1,703 1,754 1,956 1,934
1,671 1,605 1,416 1,587
1,257 1,113 1,161 1,141 1,171 1,360
940
0
2006 2007 2008 2009 2010 2011* 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

35 Description: In 2023, Warner Music Group reported revenues of over 2.7 billion U.S. dollars in the United States, 582 million of which was derived from music publishing. Here you can find WMG's quarterly revenue figures. Read more
Note(s): Worldwide; October 2006 to September 2023; fiscal years end on 30 September of each year; * Fiscal year 2011 ran from October 1, 2010 to July 19, 2011. The period from July 20, 2011 to September 30, 2011 is reported separately in the [...] Read more
Source(s): Warner Music Group
 Music sales and operating revenue of the Sony Corporation from fiscal 2019 to
2023, by source (in million U.S. dollars)
Sony Corporation: music revenue source 2019-2023

2019 2020 2021 2022 2023

7,000 6,638.53

6,000
5,266.2
Revenue in million U.S. dollars

5,000 4,685.64
4,369.32
3,902.53
4,000

3,000
2,389.76 2,306.4
2,074.99 2,001.17
2,000 1,822.3
1,472.89 1,423.68 1,577.5 1,522.59
975.03
1,000

0
Recorded music Music publishing Visual media and platform

36 Description: In the fiscal year 2023, which ran from April 2022 to March 2023, Sony generated 2.07 billion U.S. dollars from its music publishing segment and 6.6 billion dollars from recorded music. Meanwhile, visual media and platform revenue accounted for 1.5
billion dollars that year. Read more
Note(s): Worldwide; April 2018 to March 2023
Source(s): Sony
 Universal Music Group's revenue from 2004 to 2022 (in billion euros)
Universal Music Group's revenue 2004-2022

12

10.34
10

8.5
Revenue in billion euros

8 7.43
7.16

6.02
6 5.67
5.11 5.27
4.99 4.89 4.96 4.87 4.89
4.65 4.45 4.54 4.56
4.36 4.2
4

0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

37 Description: In 2022, Universal Music Group generated 10.34 billion euros in revenue, up from 8.5 billion in the previous year. UMG is the largest record company worldwide and parent company Vivendi's most profitable business segment. Read more
Note(s): Worldwide; 2004 to 2022
Source(s): Universal Music
 Spotify's revenue worldwide from 2013 to 2022 (in million euros)
Spotify revenue 2013-2022

14,000

12,000 11,727

10,000 9,668
Revenue in million euros

7,880
8,000
6,764

6,000 5,259

4,090
4,000
2,952
1,940
2,000
1,085
746

0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

38 Description: In 2022, music streaming service Spotify generated a revenue of over 11.7 billion euros, up from 9.67 billion in the previous year. The majority of Spotify's revenues came from its premium subscribers rather than ad placements. Founded in Stockholm
in 2005, the former start-up is now a market leader in the digital music streaming sector, competing alongside established companies such as Apple and their streaming service Apple Music. Read more
Note(s): 2013 to 2022
Source(s): Spotify
 Spotify's revenues from 2012 to 2022, by segment (in million euros)
Spotify's segment revenue 2012-2022

Premium Ad-Supported

14,000

12,000

10,000
Revenue in million euros

8,000

6,000

4,000

2,000

0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

39 Description: In the most recent reported fiscal year, Spotify generated about 10.25 billion euros in premium revenue and 1476 million in ad-supported revenue. Both figures were the highest reported to date, with premium revenue having grown by more than two
billion euros since 2017. Contributing to Spotify`s success was its strong global subscriber base - as of the first quarter of 2020, the music streaming platform had 100 million subscribers worldwide. Spotify has proved popular in multiple [...] Read more
Note(s): Worldwide; 2009 to 2021
Source(s): Spotify
 Share of Warner Music Group's total revenue represented by Apple and Spotify in
fiscal years 2017 to 2023
Share of WMG revenue generated by Apple and Spotify 2017-2023

Apple Spotify

20%
18% 18%
18% 17% 17%

16% 15%
14% 14% 14% 14%
14% 13% 13%
Share of revenue

12% 11% 11%

10%

8%

6%

4%

2%

0%
2017 2018 2019 2020 2021 2022 2023

40 Description: In 2023, Warner Music Group reported that 18 percent of its total revenues were attributed to its licensing agreements with Spotify, an increase from the previous year. Also, Warner Music's share of revenue represented by Apple remained constant in
the same period, amounting to 11 percent. Read more
Note(s): Worldwide; September 2017 to September 2023; fiscal years end on 30 September of each year
Source(s): Warner Music Group
 Number of Apple Music subscribers worldwide from October 2015 to June 2021 (in
millions)
Number of Apple Music subscribers worldwide 2015-2021

90

80 78
72
70 68

60
60 56
Subscribers in millions

50
50
40
40 38

30
30 27
20
20 16 17
14 15
12 13
10 11
10 6.5

0
Oct Jan '16 Feb Mar Apr '16 May Jun '16 Aug Sep Dec Jun '17 Sep Mar Apr' 18 May Nov Jun '19 Dec Jun '20 Jun '21
'15* '16 '16 '16 '16 '16 '16 '17 '18 '18 '18 '19

41 Description: Estimates suggest that Apple Music had 78 million subscribers worldwide in June 2021, up by six million from the previous year. Launched in 2015 by U.S. tech giant Apple, Apple Music is the second largest music streaming service worldwide,
competing with market leader Spotify. Read more
Note(s): Worldwide; October 2015 to June 2021; includes free and paid subscribers; *October 2015 figures are based on CEO Tim Cook's statement that Apple Music has 6.5 million paid subscribers plus another 8.5 million users who are still in their [...] Read more
Source(s): 9 to 5 Mac; MIDiA Research
 Revenue of Deezer in the first quarters 2022 and 2023, by region (in million euros)
Deezer's revenue 2022-2023, by region

France Rest of the world

140

120

100
Revenue in million euros

45
43.6
80

60

40
64.6 70.2

20

0
Q1 2022 Q1 2023

42 Description: In the first quarter of 2022, the French music streaming provider Deezer generated a revenue of 108.2 million euros. This number slightly increased in the corresponding quarter of 2023, reaching 115.2 million euros. Overall, the music streaming
service is very popular in France, with most of its revenue attributed to that region. Read more
Note(s): Worldwide; Q1 2022 and Q1 2023
Source(s): Deezer
 Live Nation Entertainment's revenue from 2006 to 2022 (in billion U.S. dollars)
Live Nation Entertainment's revenue from 2006 to 2022

18
16.68
16

14
Revenue in billion U.S. dollars

12 11.55
10.79

10 9.69

7.83
8
6.48 6.78
6.41 6.27
5.82
6 5.06 5.38
4.09 4.18
4 3.64
3.2
1.86
2

0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

43 Description: In 2022, the live event specialist Live Nation generated a total of 16.7 billion U.S. dollars in revenue, up significantly from over six billion a year earlier. Of this revenue generated in 2022, over 2.2 billion U.S. dollars came from ticketing revenue and close
to 13.5 billion U.S. dollars was generated through concerts. However, in 2020 the company was not able to generate the same amount of revenue due to the COVID-19 pandemic, which resulted in events and concerts being cancelled. Read more
Note(s): Worldwide; 2006 to 2022
Source(s): Live Nation
CHAPTER 06

Artists
 Top-selling artists worldwide as of August 2022, based on certified sales (in million
units)
Best-selling artists worldwide as of 2022

Units sales in millions

0 20 40 60 80 100 120 140 160 180 200
The Beatles 183

Garth Brooks 157

Elvis Presley 139

Eagles 120

Led Zeppelin 122.5

Michael Jackson 89

Billy Joel 85

Elton John 79

AC/DC 75

Pink Floyd 75

Bruce Springsteen 71

Aerosmith 69.5

George Strait 69

Barbra Streisand 68.5

Mariah Carey 67.5

45 Description: Perhaps unsurprisingly, British rock band The Beatles are top of the list for best-selling artists worldwide, with 183 million units certified sales. Second is Garth Brooks with over 157 million units sales, followed by Elvis Presley with 139 million units. All
the artists who made the top twenty list are internationally renowned for their contributions to music and range from British pop-icon Elton John to American rock legends like Metallica. Read more
Note(s): Worldwide; as of August 2022
Source(s): RIAA
 Most Grammy Award-nominated individuals of all time as of 2022
Most Grammy Award-nominated individuals of all time

Number of Grammy Awards nominations

0 10 20 30 40 50 60 70 80 90 100
Jay-Z**, Beyoncé*** 88

Paul McCartney* 81

Quincy Jones 80

Kanye West 75

Georg Solti, Stevie Wonder 74

John Williams 73

Henry Mancini 72

Chick Corea 71

Pierre Boulez 67

Leonard Bernstein 63

Willie Nelson 56

Jay David Saks 53

46 Description: As of 2022, Jay-Z and Beyoncé had received the most nominations for a Grammy Award of all time, with 88 nominations throughout their respective careers. Jones, who came in at third place with 80 nominations, is a prominent figure in the media
world and has received multiple honors and awards for his contribution to the arts during sixty years in the industry, notably for his film scores, production work and jazz composition. Read more
Note(s): Worldwide; as of November 2022; *Includes 41 nominations as part of The Beatles. **Includes three nominations as part of The Carters. ***Includes 13 nominations as part of Destiny's Child and three nominations as part of The Carters. Read more
Source(s): Wikipedia
 Best-selling digital music singles worldwide in 2022 (in billions)
Best-selling digital music singles worldwide 2022

Number of global converted SSE in billions

0.0 0.5 1.0 1.5 2.0 2.5

Harry Styles - "As it was" 2.28

Glass Animals - "Heat waves" 1.75

The Kid Laroi& Justin Bieber - "STAY" 1.74

Elton John& Dua Lipa - "Cold heart" (Pnau Remix) 1.34

The Weeknd - "Save your tears" 1.32

Imagine Dragons & JID - "Enemy" 1.26

Ed Sheeran - "Shivers" 1.23

Gayle - "ABCDEFU" 1.22

Bad Bunny & Chencho Corleone - "Me porto bonito" 1.21

Ed Sheeran - "Bad habits" 1.2

47 Description: Leading the top ten best-selling digital singles worldwide in 2022 was Harry Styles, with 'As it was' selling 2.28 billion units. Glass Animal released the second most popular song with 'Heat waves', of which 1.75 billion units were sold. Read more
Note(s): Worldwide; 2022; across all digital formats, including single track downloads, and streams on both paid subscription services and ad-supported platforms
Source(s): IFPI
 Artists with the most monthly listeners of all time on Spotify worldwide as of
January 2023 (in millions)
Spotify: artists with the most monthly listeners worldwide 2023

Number of monthly listeners

0 20 40 60 80 100 120

The Weeknd 100.9

Miley Cyrus 82

Taylor Swift 80.3

Rihanna 79.6

Shakira 77.6

Ed Sheeran 77.4

Sam Smith 73.8

David Guetta 71.4

SZA 69.2

Drake 68.6

48 Description: As of January 2023, the artist with the most monthly listeners on Spotify worldwide was The Weeknd, closely followed by Miley Cyrus and Taylor Swift. Miley Cyrus' song "Flowers" released on January 12, 2023, rumoured to be about her relationship to
actor Liam Hemsworth, had immense commercial and critical success. The song broke several records on SPotify, such as the song with the most streams in the first 24 hours, with 7.7 million plays. The hit single also broke the record for most [...] Read more
Note(s): Worldwide; January 2023; monthly listeners are individual global users who played an artist's music within a rolling 28 day period
Source(s): RouteNote; Spotify
 Most-streamed weekly tracks on Spotify worldwide as of February 10, 2022 (in
million streams)
Spotify: most streamed weekly tracks worldwide 2022

Number of streams in millions

0 5 10 15 20 25 30 35

Heat Waves - Glass Animals 31.67

abcdefu - GAYLE 28.22

STAY (with Justin Bieber) - The Kid LAROI 27.91

Enemy (with JID) from the series Arcane League of Legends - Imagine Dragons 26.75

Cold Heart - PNAU Remix - Elton John, Dua Lipa 24.66

INDUSTRY BABY (feat. Jack Harlow) - Lil Nas X 23.24

Easy on me - Adele 22.63

We Don't Talk About Bruno by Carolina Gaitán - La Gaita, Mauro Castillo, Adassa, Rhenzy Feliz, Diane
21.59
Guerrero, Stephanie Beatriz, Encanto Cast
Brividi - Mahmood, BLANCO 20.08

Shivers - Ed Sheeran 19.19

49 Description: As of the week ending February 10, 2022, 'Heat Waves' by Glass Animals was the most-streamed track on Spotify with 31.67 million streams worldwide, followed by abcdefu by GAYLE and 'STAY (with Justin Bieber)' by The Kid LAROI with just over 27
million streams. Read more
Note(s): Worldwide; week ending February 10, 2022
Source(s): Spotify
 Share of respondents who would like to see artist or bands to make a comeback
worldwide in 2023, by generation
Wish for bands comeback worldwide 2023, by generation

70%
65% 66%

60%
56%
52%
50%
Share of respondents

40%

30%

20%

10%

0%
Gen Z Millenials Gen X Baby boomers

50 Description: According to a study from 2023, nostalgia for bands and music artists is especially strong among younger generations. Among Gen Z, 65 percent of respondents would like to see artists or bands that have taken a break from music to make a
comeback. Millennials shared this opinion to the same extent, while only 52 percent of surveyed baby boomers agreed. Read more
Note(s): Worldwide; 2023; among an audience of music fans*; *The source defines music fans as consumers who discover music from at least one source. The source did not provide information on the sample number. Read more
Source(s): GWI; Twitter
 Sources

9 to 5 Mac Statista Digital Market Insights

Audiencenet Statista estimates
Deezer Twitter
Edison Research Universal Music
GWI Various sources (Music in Africa)
IFPI Warner Music Group
IQ Magazine Westwood One
Live Nation Wikipedia
MarketingCharts YouGov
MIDiA Research
Music & Copyright
Music Business Worldwide
Music Industry Blog
Omdia
Ovum
Pollstar
PwC
RIAA
RouteNote
Sony
Spotify
Statista

51