Global digital music revenue 2004-2023

In 2023, global music revenue generated by digital music and downloads remained unchanged compared to the previous year, at the level of 0.9 billion U.S. dollars. It was the lowest figure reported since 2005.

Music streaming is still in the lead

The music industry has undergone fundamental changes due to the shifts in consumer demand and behavior. In 2022, global recorded music revenue hit an all-time high of around 28 billion U.S. dollars, and while this figure was partially fueled by the revival of the live music sector, the top driver of growth was streaming. Music streaming accounted for an estimated 67 percent of industry revenues in 2023, whereas digital downloads contributed less than five percent to the annual total. Audiences have come to prefer access models over ownership in recent years, which is no surprise considering the extensive range of titles available for a set rate on platforms like Spotify.

Best-selling titles

Most music lovers listen to their favorite tracks and discover new artists via streaming platforms. And yet, some fans also choose to pay for individual music purchases, be it via digital downloads or in physical formats. In 2023, Seventeen's “FML” was the best-selling music album worldwide, with over six billion units sold. The K-pop band featured two of its albums in the same ranking that year. However, when it comes to vinyl, Taylor Swift led the ranks there. Her albums took up the top three spots on a list oftop-selling vinyl albums that same year.