Music market is booming: Austria overtakes the world with 7% growth!

Music market is booming: Austria overtakes the world with 7% growth!

An impressive year for the global music industry: According to the new IFPI chairwoman Victoria Oakley, growth in the industry will continue unbroken in 2024, albeit at a lower rate. Global successes such as Charli XCX's brat album and Taylor Swift's record-breaking tour have spurred growth. “The music industry remains a small but powerful sector,” Oakley said. In recent years, the industry has seen streaming and appearance revenue grow for the 10th year in a row, with streaming subscriptions increasing last year to 752 million users, according to the report kleinezeitung.at.

Streaming on the rise

The streaming sector contributed 185.8 million euros to total sales of 254 million euros in Austria, which puts the country above the global average. While physical sales fell 3.1 percent, vinyl records continued to enjoy growth of 4.6 percent - their 18th consecutive increase. The potential of artificial intelligence in the music sector was also discussed; Oakley emphasized the need to create a legal framework to protect copyright.

tagesschau.de reported.