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Recorded music market 2023 Back to life

Report by Mark Mulligan
Cover image for Recorded music market 2023
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20,000 foot view: After a slower 2022, the global recorded music market returned to strong growth in 2023. It was, however, also the first year that the artists direct segment lost market share, with changes to the streaming ecosystem already beginning to take effect. This report presents recorded music market revenues by format as well as market shares for key labels and other industry segments.

Key data and insights included in this report:

  • Recorded music market size and revenue (time series by quarter from Q1 2015 to Q4 2023)
  • Recorded music revenue by segment across streaming, downloads, physical, and other (time series, Q1 2015 to Q4 2023)
  • Additional breakouts of music licensing and expanded rights revenues (time series, Q1 2020 to Q4 2023)
  • Recorded music revenues and market share breakdowns for the major labels (Universal Music, Sony Music, Warner Music), non-major labels (includes independent labels), and artists direct (time series, Q1 2015 to Q4 2023)
  • Music label market shares by segment (e.g., streaming market shares by label) (time series, Q1 2015 to Q4 2023)
  • Analysis of the performance, and key growth drivers and inhibitors, for segments and labels
  • Strategic implications for the music industry
Table of contents:
  • Number of words: 2614
  • Number of pages: 16
  • Number of infographics: 4
Infographic: 2023 recorded music market overview
Figure 1: The changing dynamics of the global recorded music market in the 2020s
Figure 2: Where did the global recorded music market grow, and by how much?
Figure 3: The power struggle of the recorded music revenue share held by label groups
Figure 4: The position of non-majors is shifting 

Companies and brands mentioned in this report: Avenged Sevenfold, AWAL, Bandcamp, CD Baby, Deezer, Discovery Mode, DistroKid, HYBE, JYP Entertainment, Kobalt, Merlin, Meta, NetEase Cloud Music, Pandora, Reservoir Media, Snap, Sony Music Group, Spotify, The Orchard, Taylor Swift, TikTok, TuneCore, United Masters, Universal Music Group, and Warner Music Group

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